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Unformatted text preview: against the taxpayer's liability.
Choice "b" is incorrect. The foreign tax credit does not combine more than one credit.
Choice "c" is incorrect. The minimum tax credit does not combine more than one credit.
Choice "d" is incorrect. The enhanced oil recovery credit does not combine more than one credit. CPA-02119 Type1 M/C A-D 41. CPA-02119 ARE Nov 94 #50 Corr Ans: C PM#56 R 3-01 Page 32
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Becker CPA Review, PassMaster Questions
Lecture: Regulation 3 Blink Corp., an accrual basis calendar year corporation, carried back a net operating loss for the tax year
ended December 31, 1993. Blink's gross revenues have been under $500,000 since inception. Blink
expects to have profits for the tax year ending December 31, 1994. Which method(s) of estimated tax
payment can Blink use for its quarterly payments during the 1994 tax year to avoid underpayment of
federal estimated taxes?
I. 100% of the preceding tax year method.
II. Annualized income method.
d. I only.
Both I and II.
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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.
- Fall '10
- The Land