1.Ironwood Corp has ordinary taxable income of $40,000 for calendar year 2011, and a long-term capital loss of $20,000. What is the corporation's tax liability for 2011? a.4,500 b.6,000 c.7,500 d.10,000 e.none of the above 2. Walnut Corp owns 60% of Teak Corp, a domestic corporation. During 2011, Walnut Corp received $20,000 in dividends from Teak Corp. Assuming that Walnut's Walnut's taxable income for 2011 before the dividends received deduction is $500,000, what is the amount of Walnut's dividends received deduction for 2011? a.0 b.14,000 c.16,000 d.20,000 e.none of the above 3.Which of the following is NOT a corporate organizational expenditure that may be amortized? a.the cost of organizational meetings b.fees paid to the state for incorporation c.accounting fees incident to organization d.legal fees incident to organization e.all of the above are organizational expenditures