Robin Corporation,a Calendar Year C Corporation,had Taxable Income of $1

question 76

Multiple Choice

Robin Corporation,a calendar year C corporation,had taxable income of $1.9 million,$1.2 million,and $900,000 for 2012,2013,and 2014,respectively.Robin has taxable income of $1.5 million for 2015.The minimum 2015 estimated tax installment payments for Robin are:

• A)April 15,2015,$76,500;June 15,2015,$76,500;September 15,2015,$76,500;December 15,2015,$76,500.
• B)April 15,2015,$110,500;June 15,2015,$127,500;September 15,2015,$127,500;December 15,2015,$127,500.
• C)April 15,2015,$127,500;June 15,2015,$127,500;September 15,2015,$127,500;December 15,2015,$127,500.
• D)April 15,2015,$76,500;June 15,2015,$178,500;September 15,2015,$127,500;December 15,2015,$127,500.
• E)None of the above.

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Definitions:

Stock Split

A corporate action in which a company divides its existing shares into multiple shares to boost the liquidity of the shares, though the total market value remains the same.

Market Price

The rate currently set for the trade of assets or services in the marketplace.

Retained Earnings

The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders.

Common Stock Account

An equity account that represents the ownership interests of common shareholders in a corporation, reflecting the invested capital and retained earnings.