Identify the tax issue or issues suggested by the following situations, and state each issue in the form of a question Wiggins Corporation is a calendar year taxpayer For the past nine years, its taxable income has been stable, averaging $2 million per year Through November of this year, its taxabl...

Will Wiggins owe an underpayment penalty because of the substant ...

Identify the tax issue or issues suggested by the following situations, and state each issue in the

Question:

Identify the tax issue or issues suggested by the following situations, and state each issue in the form of a question.
Wiggins is a calendar year taxpayer. For the past nine years, its taxable income has been stable, averaging $2 million per year. Through November of this year, its taxable income was $1.81 million. In April, June, and September, Wiggins made a $175,000 installment payment of tax. In December, it recognized a $5 million gain on the sale of investment land.
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...