Torquay Inc.'s(a calendar-year taxpayer) 2019 taxable income was $15,837,850, and its tax liability was $3,325,948. Torquay's director
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Question:
Torquay Inc.'s(a calendar-year taxpayer) 2019 taxable income was $15,837,850, and its tax liability was $3,325,948. Torquay's director of tax estimates that the corporation's 2020 taxable income will be $13,350,000. Compute Torquay's 2020 estimated tax payment due on April 15, 2020.
Multiple Choice
- $3,337,500
- $513,566
- $831,487
- $700,875
Expert Answer:
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