Almond Corporation, a Calendar Year C Corporation, Had Taxable Income

question 7

Essay

Almond Corporation, a calendar year C corporation, had taxable income of $900,000, $1.1 million, and $1.2 million for 2013, 2014, and 2015, respectively. Almond's taxable income is $2 million for 2016. Compute the minimum estimated tax payments for 2016 for Almond Corporation.

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Definitions:

Bankruptcy

A judicial process concerning an individual or enterprise that cannot fulfill its debt obligations.

Service Contract

A formal agreement between a service provider and a client, detailing the terms of service to be rendered.

Performance Obligations

A term in revenue recognition denoting promises to transfer goods or services to a customer as part of a contract.

Cash Receipts

The total amount of money, including cash, checks, and electronic transfers, received by a business during a given period.