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1. Kold Services Corporation estimates that its 2013 taxable income will be $500,000. Thus, it is subject to a flat 34% income tax rate and incurs a $170,000 liability. For each of the following indep
1. Kold Services Corporation estimates that its 2013 taxable income will be $500,000. Thus, it is subject to a flat 34% income tax rate and incurs a $170,000 liability. For each of the following independent cases, compute Kold's minimum quarterly estimated tax payments that will avoid an underpayment penalty.Either input your answers in the "text box" or attach an excel spreadsheet but SHOW YOUR WORK.a. For 2012, taxable income was a loss of $300,000. Kold carried back all of this loss to prior years and exhausted the entire net operating loss in creating a zero 2012 liability.b. For 2012, taxable income was $450,000, and tax liability was $153,000.c. For 2011, taxable income was $2 million, and tax liability was $680,000. For 2012, taxable income was $450,000, and tax liability was $153,000.2. Compute the overvaluation penalty for each of the following independent cases involving the fair market value of charitable contribution property. In each case, assume a marginal tax rate of 35%.You may either put your answers in the "textbox" for the question or attached an excel spreadsheet. Whichever you prefer. BUT SHOW YOUR WORK.Taxpayer -- Corrected IRS Value -- Reported Valuationa. Individual -- $40,000 -- $50,000.b. C-corporation -- 30,000 -- 50,000.c. S-corporation -- 40,000 -- 50,000.d. Individual -- 150,000 -- 200,000.e. Individual -- 150,000 -- 250,000.f. C-corporation -- 150,000 -- 750,000.
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******* ******** Corporation ********* that *** **** taxable ****** **** ** ******* **** it ** subject ** * **** *** ****** *** **** and ****** * ******* ********* For **** ** *** following *********** ***** compute ****** minimum ********* estimated *** ******** **** **** ***** an underpayment ************* input **** answers ** *** "text box" ** attach an ***** *********** but **** **** WORKa *** **** ******* ****** was * **** ** $300000 **** ******* **** all ** **** **** to ***** years *** ********* the ****** net operating **** in creating * **** 2012 ********** *** 2012 ******* ****** was $450000 *** *** ********* *** ******** *** 2011 ******* ****** was ** ******* *** tax ********* *** ******* *** **** ******* ****** was ******* and *** ********* *** ******************** Method First Quarter ******* [($170000 *** ** * ********* ´ **** ********** 42500 Second ******* Payment42500 Third ******* Payment42500 Fourth ******* ******* **************** ***************************** *** *** prior-year ********** no ******** *** on **** ******** ****** Each ******* is $85000 bPrior-Year ******************* Quarter ******** 38250 Second ******* Payment38250 Third ******* Payment38250 Fourth Quarter Payment 38250 Total ************************ the ********** exception **** **** ******* * *** ** $153000 = $59500 *** ********* ********* ** ****** ******** *** ******* **** in ************* ** *** without ******* **** *** Form **** * Form **** ****** ** ******** to ***** **** no ************ ******* ** *********** ******* Payment (25% ´ ********* 38250 Second ******* ******* ******* ´ * = ****** *** *** ****** **** first ******************** ******* ******************** ******* ******* ************************* basic ******* ** *** ´ ******* * ****** ****** is * ******** ************** ** it *** *** *** ********** ********* *** only on its ***** ******* ******* *** underpayments **** *** ***** ******* are due **** *** second *********************** *** overvaluation ******* *** **** ** *** ********* *********** ***** ********* *** **** ****** ***** ** charitable ************ property In **** **** assume * ******** *** rate ** ****** *** either *** **** ******* in *** ********* *** *** ******** or ******** ** excel *********** ********* you ****** BUT SHOW **** ************ ** ********* *** Value ** Reported Valuationa ********** -- $40000 ********* ************* ** ***** -- ****** S-corporation ** ******* ****** ****************** ** ******* ********** --150000-- 250000f C-corporation ** ****** ** *********** ********** *** ******* ** less **** $5000 b$0 ********** *** ******* ** **** than $10000 c$3500 additional tax ** *** ******* **** *** ***** ************* (reported ***** is ********** ** ** ***** ***** = $1400 ******* ******** *** $30000 ******* ** **** ********* ** * corporations d$17500 ********** *** ** *** ******* **** * $3500 ******* ******** ********* ********* ** ** least 150% of ******* ***** ******************* additional tax ´ 40% ******* **** for ***** ************* ********* ***** ** ********** ** ** ***** 200%) = ****** ******* ****************** additional *** ** *** ******* rate for gross overvaluation (reported ***** ** ********** ** ** ***** 200%) * ****** penalty **********
