Yellow Corporation, a calendar-year taxpayer, made estimated tax payments of $40,000 for 2020 ($10,000 per quarter). Yellow filed its Federal income tax return for 2020 reflecting a tax liability of $15,000. Due to its overpayments, Yellow received a $25,000 refund in 2021. What is the impact on Yellow Corporation's E & P of the payment of estimated taxes and the receipt of the Federal income tax refund?

Yellow Corporation, a calendar-year taxpayer, made estimated tax payments of $40,000 for 2020 ($10,000 per quarter). Yellow filed its Federal income tax return for 2020 reflecting a tax liability of $15,000. Due to its overpayments, Yellow received a $25,000 refund in 2021. What is the impact on Yellow Corporation's E & P of the payment of estimated taxes and the receipt of the Federal income tax refund?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter5: Corporations: Earnings & Profits And Dividend Distributions

Section: Chapter Questions

Problem 29P

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LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige generated taxable income of 1,200,000. What is Beige Corporations tax liability for this period?
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