Refer to the preceding problem. Assume that Ed expects his income for this year to decline and

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Refer to the preceding problem. Assume that Ed expects his income for this year to decline and his tax liability for this year to be only $15,000. What minimum amount of estimated taxes should Ed pay this year? What problem will Ed encounter if he pays this minimum amount and his income exceeds last year's because of a large capital gain realized in December of this year?
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Federal Taxation 2014 Comprehensive

ISBN: 9780133438598

27th Edition

Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson

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