1. What is the purpose of Schedules M-1 and M-3?
2. What is an affiliated group?
3. What is an affiliated group allowed to do?
4. What are the benefits of filing a consolidated tax return?
5. Are all corporations required to make estimated tax payments?
6. What happens to a corporation that does not pay a sufficient amount of estimated tax payments?
7. G corporation owes $20,000 in tax in its first year. How much must it pay in estimated taxes and when are the payments due?
8. Suppose the following year G will owe $100,000. What is the minimum amount of estimated tax payments G must make to avoid underpayment penalties?
9. whaanswer to the previous question change, and if so how, if G's tax in year 2 is $100,000 but G's taxable income in year 1 was $1.2 million.
10. Are there any other exceptions to the penalty for underpayment penaltity?