1 Kold Services Corporation estimates that its 2013 taxable income will be $500,000 Thus, it is subject to a flat 34 income tax rate and incurs a $170,000 liability For each of the following independent cases, compute Kold's minimum quarterly estimated tax payments that will avoid an underpayment penalty Either input your answers in the text box or attach an excel spreadsheet but SHOW YOUR WORK a For 2012, taxable income was a loss of $300,000 Kold carried back all of this loss to prior years and exhausted the entire net operating loss in creating a zero 2012 liability b For 2012, taxable income was $450,000, and tax liability was $153,000 c For 2011, taxable income was $2 million, and tax liability was $680,000 For 2012, taxable income was $450,000, and tax liability was $153,000 2 Compute the overvaluation penalty for each of the following independent cases involving the fair market value of charitable contribution property In each case, assume a marginal tax rate of 35 You may either put your answers in the textbox for the question or attached an excel spreadsheet Whichever you prefer BUT SHOW YOUR WORK Taxpayer Corrected IRS Value Reported Valuation a Individual $40,000 $50,000 b C corporation 30,000 50,000 c S corporation 40,000 50,000 d Individual 150,000 200,000 e Individual 150,000 250,000 f C corporation 150,000 750,000 1 Kold Services Corporation estimates that its 2013 taxable income will be $500,000 Thus, it is subject to a flat 34 income tax rate and incurs a $170,000 liability For each of the following independent cases, compute Kold's minimum quarterly estimated tax payments that will avoid an underpayment penalty Either input your answers in the text box or attach an excel spreadsheet but SHOW YOUR WORK a For 2012, taxable income was a loss of $300,000 Kold carried back all of this loss to prior years and exhausted the entire net operating loss in creating a zero 2012 liability b For 2012, taxable income was $450,000, and tax liability was $153,000 c For 2011, taxable income was $2 million, and tax liability was $680,000 For 2012, taxable income was $450,000, and tax liability was $153,000 2 Compute the overvaluation penalty for each of the following independent cases involving the fair market value of charitable contribution property In each case, assume a marginal tax rate of 35 You may either put your answers in the textbox for the question or attached an excel spreadsheet Whichever you prefer BUT SHOW YOUR WORK Taxpayer Corrected IRS Value Reported Valuation a Individual $40,000 $50,000 b Ccorporation 30,000 50,000 c Scorporation 40,000 50,000 d Individual 150,000 200,000 e Individual 150,000 250,000 f Ccorporation 150,000 750,000

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1. Kold Services Corporation estimates that its 2013 taxable income will be $500,000. Thus, it is subject to a flat 34% income tax rate and

1. Kold Services Corporation estimates that its 2013 taxable income will be $500,000. Thus, it is subject to a flat 34% income tax rate and incurs a $170,000 liability. For each of the following independent cases, compute Kold's minimum quarterly estimated tax payments that will avoid an underpayment penalty. Either input your answers in the "text box" or attach an excel spreadsheet but SHOW YOUR WORK. a. For 2012, taxable income was a loss of $300,000. Kold carried back all of this loss to prior years and exhausted the entire net operating loss in creating a zero 2012 liability. b. For 2012, taxable income was $450,000, and tax liability was $153,000. c. For 2011, taxable income was $2 million, and tax liability was $680,000. For 2012, taxable income was $450,000, and tax liability was $153,000. 2. Compute the overvaluation penalty for each of the following independent cases involving the fair market value of charitable contribution property. In each case, assume a marginal tax rate of 35%. You may either put your answers in the "textbox" for the question or attached an excel spreadsheet. Whichever you prefer. BUT SHOW YOUR WORK. Taxpayer -- Corrected IRS Value -- Reported Valuation a. Individual -- $40,000 -- $50,000. b. C-corporation -- 30,000 -- 50,000. c. S-corporation -- 40,000 -- 50,000. d. Individual -- 150,000 -- 200,000. e. Individual -- 150,000 -- 250,000. f. C-corporation -- 150,000 -- 750,000. image text in transcribed

1. Kold Services Corporation estimates that its 2013 taxable income will be $500,000. Thus, it is subject to a flat 34% income tax rate and incurs a $170,000 liability. For each of the following independent cases, compute Kold's minimum quarterly estimated tax payments that will avoid an underpayment penalty. Either input your answers in the "text box" or attach an excel spreadsheet but SHOW YOUR WORK. a. For 2012, taxable income was a loss of $300,000. Kold carried back all of this loss to prior years and exhausted the entire net operating loss in creating a zero 2012 liability. b. For 2012, taxable income was $450,000, and tax liability was $153,000. c. For 2011, taxable income was $2 million, and tax liability was $680,000. For 2012, taxable income was $450,000, and tax liability was $153,000. 2. Compute the overvaluation penalty for each of the following independent cases involving the fair market value of charitable contribution property. In each case, assume a marginal tax rate of 35%. You may either put your answers in the "textbox" for the question or attached an excel spreadsheet. Whichever you prefer. BUT SHOW YOUR WORK. Taxpayer Corrected IRS Value Reported Valuation a. Individual $40,000 $50,000. b. Ccorporation 30,000 50,000. c. Scorporation 40,000 50,000. d. Individual 150,000 200,000. e. Individual 150,000 250,000. f. Ccorporation 150,000 750,000