Identify at least two main tax issues suggested by each of the two scenarios described below:

• Wheelie 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 taxable income was $1.81 million. In April, June and September, Wheelie made a $175,000 installment payment of tax. In December, it recognized a $5 million gain on the sale of investment land.