Miyagi continued. "Now let's talk other types of taxes. Did you study corporate, estate, and gift taxes in class already?"
"Yeah, we covered that stuff. Corporations are taxed at the corporate tax rate and pay taxes on income received, just like people. And like people, corporations are not required to pay federal taxes on any interest received from municipal bonds. But the similarities pretty much end there."
"How are they different?"
"Uncle Sam is pretty nice to corporations, actually....
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