apidpro Incorporated had more than $$1,000,000$ of taxable income two years prior to the current year. It would like to use its prior$-$year tax liability $($which was very low but above zero$)$ to determine its quarterly estimated payments this year. Which of the following statements is true?

Multiple Choice

Rapidpro may use the prior$-$year tax liability to determine its first and second quarter estimated tax payments only since it is a large corporation.

To avoid penalty, the second quarter estimated payment must be large enough to cover $50$ percent of its estimated annual tax liability annualized from its first quarter estimated taxable income $($assume it does not rely on its current$-$year actual tax liability to determine its estimated tax payment$).$

To avoid penalty, the third quarter estimated payment must be large enough to cover $50$ percent of its estimated annual tax liability annualized from its third quarter estimated taxable income $($assume it does not rely on its current$-$year actual tax liability to determine its estimated tax payment$).$

None of the choices is correct.