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Unformatted text preview: #40 R 3-01 Page 32 Bass Corp., a calendar year C corporation, made qualifying 1994 estimated tax deposits based on its actual 1993 tax liability. On March 15, 1995, Bass flied a timely automatic extension request for its 1994 corporate income tax return. Estimated tax deposits and the extension payment totaled $7,600. This amount was 95% of the total tax shown on Bass' final 1994 corporate income tax return. Bass paid $400 additional tax on the final 1994 corporate income tax return filed before the extended due date. For the 1994 calendar year, Bass was subject to pay: I. Interest on the $400 tax payment made in 1995. II. A tax delinquency penalty. 13 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Maxixishere Pdf Collection Becker CPA Review, PassMaster Questions Lecture: Regulation 3 a. b. c. d. I only. II only. Both I and II. Neither I nor II. CPA-02083 Explanation Choice "a" is correct. A taxpayer does not extend the time for payment of tax by extending the filing deadline for the return. If there i...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.

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