Dallas Corporation reports the following amounts for Years 1 and 2: Each tax year is a 12-month

Question:

Dallas reports the following amounts for Years 1 and 2:

Dallas Corporation reports the following amounts for Years 1 and

Each tax year is a 12-month period. Dallas qualifies as a small corporation for purposes of estimated tax payments, but it does not qualify as a small corporation exempt from the AMT. Dallas makes $23,000 of estimated tax payments for each quarter of Year 2.
a. How much tax will Dallas owe when it files its Year 2 tax return?
b. Is Dallas liable for any estimated tax underpayment penalty? If so, how much did Dallas underpay in each quarter?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...