In 2017,AutoUSA Inc.received $4,600,000 of book income,including $20,000 of interest income from tax-exempt municipal bonds.AutoUSA reported $3,600,000 of regular business expenses.If it made $350,000 of estimated tax payments (prepayments)throughout the tax year,what is its tax due or tax refund when it files its return? Assume AutoUSA pays taxes at a flat 34 percent rate and disregard the alternative minimum tax.

Question

Quizplus · Accepted Answer

The Answer of In 2017,AutoUSA Inc.received $4,600,000 of book income,including $20,000 of interest income from tax-exempt municipal bonds.AutoUSA reported $3,600,000 of regular business expenses.If it made $350,000 of estimated tax payments (prepayments)throughout the tax year,what is its tax due or tax refund when it files its return? Assume AutoUSA pays taxes at a flat 34 percent rate and disregard the alternative minimum tax.