2006 Taxable income $2,000 Tax payment $400 2007 Taxable income $6,250 Tax payme
ID: 2695967 • Letter: 2
Question
2006
Taxable income $2,000
Tax payment $400
2007
Taxable income $6,250
Tax payment $1,250
2008
Taxable income $12,500
Tax payment $2,500
2009
Taxable income $6,250
Tax payment $1,250
2010
Taxable income ($21,250)
(a) What is the firm's tax liability for the year 2010?
(b) What are the firm's adjusted tax liabilities for the years 2006 through 2010?
(c) What total tax refund will the firm receive after the adjustment?
2006
Taxable income $2,000
Tax payment $400
2007
Taxable income $6,250
Tax payment $1,250
2008
Taxable income $12,500
Tax payment $2,500
2009
Taxable income $6,250
Tax payment $1,250
2010
Taxable income ($21,250)
(a) What is the firm's tax liability for the year 2010?
(b) What are the firm's adjusted tax liabilities for the years 2006 through 2010?
(c) What total tax refund will the firm receive after the adjustment?
Explanation / Answer
a) $21250/5 = $ 4250
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