What is the impact on Yellow E

What is the impact on Yellow E - P of the payment

Reference no: EM132645718

Problem - Yellow Corporation, a calendar year taxpayer, made estimated tax payments of $40,000 for 2019 ($10,000 per quarter). Yellow filed its Federal income tax return for 2019 reflecting a tax liability of $15,000. Due to its overpayments, Yellow received a $25,000 refund in 2020. What is the impact on Yellow's E & P of the payment of estimated taxes and the receipt of the Federal income tax refund?

Reference no: EM132645718

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