Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 13 of 15. Instead of paying estimated tax by the usual due datos, farmers or fishermen may elect to make no estimated tax payments,

image text in transcribed
Question 13 of 15. Instead of paying estimated tax by the usual due datos, farmers or fishermen may elect to make no estimated tax payments, file their returns, and pay the entire tax due on or before March 1, or they may make one estimated tax payment on or before January 15 and file their return on or before April 15. What is the gross income requirement that qualifies a farmer or fisherman for this estimated tax rule? At least 2/3 of total gross income for the preceding year was from farming or fishing, OR at least 2/3 of total gross income for the current year is from farming or fishing At least 90% of total gross income for the preceding year was from farming or fishing At least 3/4 of total gross income for the current year is from farming or fishing At least 2/3 of total gross income for the preceding year was from farming or fishing, AND at least 2/3 of total gross income for the current year is from farming or fishing

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Why do corporations employ investment bankers?

Answered: 1 week ago

Question

What would you do?

Answered: 1 week ago