1. What is the purpose of Schedules M-1 and M-3?
2. What is an affiliated group?
3. What is an affiliated group allowed to do?
4. What are the benefits of filing a consolidated tax return?
5. Are all corporations required to make estimated tax payments?
6. What happens to a corporation that does not pay a sufficient amount of estimated tax payments?
7. G corporation owes $20,000 in tax in its first year. How much must it pay in estimated taxes and when are the payments due?
8. Suppose the following year G will owe $100,000. What is the minimum amount of estimated tax payments G must make to avoid underpayment penalties?
9. whaanswer to the previous question change, and if so how, if G's tax in year 2 is $100,000 but G's taxable income in year 1 was $1.2 million.
10. Are there any other exceptions to the penalty for underpayment penaltity?

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Purpose of Schedules M1 and M3 Schedule M1 Reconciles the book basis of equity balance sheet value with the tax basis of equity value for tax purposes ... View the full answer