Grant Corporation is not a large corporation for estimated tax purposes and reports on a calendar-year basis.Grant expects the following results: $$\begin{array} { | l | r | }
\hline \text { Regular tax } & \$ 248,000 \
\hline \text { Alternative minimum tax } & \underline { 40,000 } \
\hline \text { Total tax due } & \$ 288,000 \
\hline
\end{array}$$ Grant's tax liability for last year was $240,000.Grant's minimum total estimated tax payment for this year to avoid a penalty is

Question

Grant Corporation is not a large corporation for estimated tax purposes and reports on a calendar-year basis.Grant expects the following results: $$\begin{array} { | l | r | } 
\hline \text { Regular tax } & \$ 248,000 \
\hline \text { Alternative minimum tax } & \underline { 40,000 } \
\hline \text { Total tax due } & \$ 288,000 \
\hline
\end{array}$$ Grant's tax liability for last year was $240,000.Grant's minimum total estimated tax payment for this year to avoid a penalty is

Quizplus · Accepted Answer

The Answer of Grant Corporation is not a large corporation for estimated tax purposes and reports on a calendar-year basis.Grant expects the following results: $$\begin{array} { | l | r | } 
\hline \text { Regular tax } & \$ 248,000 \
\hline \text { Alternative minimum tax } & \underline { 40,000 } \
\hline \text { Total tax due } & \$ 288,000 \
\hline
\end{array}$$ Grant's tax liability for last year was $240,000.Grant's minimum total estimated tax payment for this year to avoid a penalty is

Grant Corporation Is Not a Large Corporation for Estimated Tax