Solution-Find tax due or tax refund amount

Find tax due or tax refund amount

Reference no: EM133246870

In 20X1, TireKing earned $5,000,000 of book revenue, including $30,000 of dividend income from a 15% owned corporation. TireKing reported $4,000,000 of regular business expenses, which includes $13,000 of life insurance premiums in which TireKing is the beneficiary, $5,000 in fines and bad debt expense of $40,000 (under the allowance method). The bad debt incurred for the year and deemed uncollectible total $48,000.

If TireKing made $250,000 of estimated tax payments (prepayments) throughout the tax year, what is its tax due or tax refund amount when it files its return?

Reference no: EM133246870

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Find tax due or tax refund amount : If TireKing made $250,000 of estimated tax payments (prepayments) throughout the tax year, what is its tax due or tax refund amount when it files its return?

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Find tax due or tax refund amount

Reference no: EM133246870

Reference no: EM133246870

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