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The Alto-Baxter affiliated group filed a consolidated return for the first time last year. The group ...

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The Alto-Baxter affiliated group filed a consolidated return for the first time last year. The group ...

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.

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

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