Almond Corporation, a calendar year C corporation, had taxable income of $400,000, $600,000 and $800,000 for 2016, 2017, and 2018, respectively. Almond’s taxable income is $900 million for 2019. Compute the minimum estimated tax payments that should have been made for 2019 for Almond Corporation, if Almond wants to avoid any penalty for underpayments of estimated taxes.(see the power points, the lecture, and google this too if needed) In each of the following independent situations, determine the C corporation’s income tax liability. Assume that all corporations use a calendar year 2020. (see your PPs; your text; or go to IRS website) Taxable Violet Corporation Income $ 36,000 Indigo Corporation 380,000 Orange Corporation 810,000 Blue Corporation RYPG 2,100,000
Almond Corporation, a calendar year C corporation, had taxable income of $400,000, $600,000 and $800,000 for 2016, 2017, and 2018, respectively. Almond’s taxable income is $900 million for 2019. Compute the minimum estimated tax payments that should have been made for 2019 for Almond Corporation, if Almond wants to avoid any penalty for underpayments of estimated taxes.(see the power points, the lecture, and google this too if needed) In each of the following independent situations, determine the C corporation’s income tax liability. Assume that all corporations use a calendar year 2020. (see your PPs; your text; or go to IRS website) Taxable Violet Corporation Income $ 36,000 Indigo Corporation 380,000 Orange Corporation 810,000 Blue Corporation RYPG 2,100,000
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 11MCQ
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Question
- Almond Corporation, a calendar year C corporation, had taxable income of $400,000, $600,000 and $800,000 for 2016, 2017, and 2018, respectively. Almond’s taxable income is $900 million for 2019. Compute the minimum estimated tax payments that should have been made for 2019 for Almond Corporation, if Almond wants to avoid any penalty for underpayments of estimated taxes.(see the power points, the lecture, and google this too if needed)
- In each of the following independent situations, determine the C corporation’s income tax liability. Assume that all corporations use a calendar year 2020. (see your PPs; your text; or go to IRS website)
|
|
Taxable |
|
Violet Corporation |
Income $ 36,000 |
|
Indigo Corporation |
380,000 |
|
Orange Corporation |
810,000 |
|
Blue Corporation RYPG |
2,100,000 |
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT