Question 66. (LO 2) ABC’s taxable income for the year is $200,000 and CBA’s taxable income for the year is $400,000. Compute the combined tax liability of the two corporations assuming the following:

66. (LO 2) ABC’s taxable income for the year is $200,000 and CBA’s taxable income for the year is $400,000. Compute the combined tax liability of the two corporations assuming the following:

a. Amanda, Jermaine, and O’Neil each own one-third of the stock of ABC and CBA.

b. Amanda, Jermaine, and O’Neil each own one-third of the stock of ABC and Amanda and Dustin each own 50 percent of the stock of CBA.

c. ABC owns 85 percent of CBA’s stock on the last day of the year. ABC and CBA file separate (as opposed to consolidated) tax returns.

67. (LO 2) ABC’s taxable income for the year is $25,000 and CBA’s taxable income for the year is $10,000,000. Compute the combined tax liability of the two corporations assuming the following:

a. Amanda, Jermaine, and O’Neil each own one-third of the stock of ABC and CBA.

b. Amanda, Jermaine, and O’Neil each own one-third of the stock of ABC and Amanda and Dustin each own 50 percent of the stock of CBA.

68. (LO 3) Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current year tax liability of $240,000. What minimum estimated tax payments should TBA make for the first, second, third, and fourth quarters respectively (ignore the annualized income method) assuming the following:

a. TBA is not considered to be a large corporation for estimated tax purposes.

b. TBA is considered to be a large corporation for estimated tax purposes.

69. (LO 3) Last year, BTA Corporation, a calendar-year taxpayer, reported a net operating loss of ($10,000) and a $0 tax liability. BTA confidently anticipates a current year tax liability of $240,000. What minimum estimated tax payments should BTA make for the first, second, third, and fourth quarters respectively (ignore the annualized income method) assuming the following:

a. BTA is not considered to be a large corporation for estimated tax purposes.

b. BTA is considered to be a large corporation for estimated tax purposes.

70. (LO 3) For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. What are LNS’s minimum first, second, third, and fourth quarter estimated tax payments determined using the annualized income method?

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.