Reference no: EM133132014
Question - YZ Corporation's net income subject to normal tax for taxable year 20X1 is $260,000. XYZ Corporation does not belong to a controlled group.
For taxable year 20X1, the entity made estimated tax payments for a total of $50,000. In addition, the corporation was notified, through forms 480.6A, that several of its clients withheld income tax for the amount of $25,000.
Determine if the corporation will have a refund or income tax payable for taxable year 20X1.
a. Reimbursement of $31,525.
b. Tax payable of $2,650.
c. Tax payable of $7,150.
d. Reimbursement of $26,900.
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