Question
51. Tungsten Corporation, a calendar year cash basis taxpayer, made estimated tax payments of $800 each quarter in 2013, for a total of $3,200. Tungsten filed its 2013 tax return in 2014 and the return showed a tax
liability $4,200. At the time of filing, March 15, 2014, Tungsten paid an additional $1,000 in Federal income taxes. How does the additional payment of $1,000 impact Tungsten’s E & P? A. Increase by $1,000 in 2013.B. Increase by $1,000 in 2014.C. Decrease by $1,000 in 2013.D.Decrease by $1,000 in 2014.E. None of the above.
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Subject:
Accounting, Business