Lime, Inc., has taxable income of $330,000. If Lime is a C corporation, its tax liability must be either $111,950 [($50,000 ´ 15%) + ($25,000 ´ 25%) + ($25,000 ´ 34%) + ($230,000 ´ 39%)] or $115,500.

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This is true. The tax liability for a C corporation with taxable income of $330,000 would be calculated as follows: ($50,000 ´ 15%) + ($25,000 ´ 25%) + ($25,000 ´ 34%) + ($230,000 ´ 39%) = $111,950. However, there is also a minimum tax of $11,050 that must be paid, so the total tax liability would be $111,950 + $11,050 = $123,000. It's worth noting that C corporations are subject to a flat tax rate of 21% as of 2021, so the above calculation applies to tax years prior to 2021.

Lime, Inc, Has Taxable Income of $330,000