Yellow Corporation, a calendar year taxpayer, made estimated tax payments of $40,000 for 2021 ($10,000 per quarter).

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Yellow Corporation, a calendar year taxpayer, made estimated tax payments of $40,000 for 2021 ($10,000 per quarter). Yellow filed its Federal income tax return for 2021 reflecting a tax liability of $15,000. Due to its overpayments, Yellow received a $25,000 refund in 2022. What is the impact on Yellow’s E & P of the payment of estimated taxes and the receipt of the Federal income tax refund?

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South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts

ISBN: 9780357519240

45th Edition

Authors: William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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