The Alto-Baxter Affiliated Group Filed a Consolidated Return for the First

question 74

Multiple Choice

The Alto-Baxter affiliated group filed a consolidated return for the first time last year.The group does not come under the "large" corporation rules.For last year,the group reports a tax liability of $60,000.Cooper Corporation has a $30,000 tax liability last year.This year,the Alto-Baxter affiliated group purchased all of the Cooper stock.This year,the Alto-Baxter-Cooper group reports an $110,000 consolidated tax liability.To avoid penalties for the current year,the group must make timely estimated tax payments of how much during the year?

• A)$60,000
• B)$90,000
• C)$110,000
• D)No estimated tax payments are required.

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Definitions:

Preemption

The doctrine that allows a higher level of government to override or prevent actions of a lower level of government in certain areas.

French and Indian War

A conflict between 1754 and 1763 in North America, part of a global struggle between France and Britain, which ultimately led to British dominance in the continent.

Colonial Defense

Strategies and actions taken by a colony to protect itself from military threats and secure its interests during the colonial period.

British Government

The central government of the United Kingdom of Great Britain and Northern Ireland, which operates under a parliamentary system.