SOUND EFFECTS INC CHANGED ITS TAX YEAR FROM A CALENDAR TO A FISCAL YEAR ENDING...
60.1K
Verified Solution
Link Copied!
Question
Accounting
SOUND EFFECTS INC CHANGED ITS TAX YEAR FROM A CALENDAR TO A FISCAL YEAR ENDING FEB.28,2019. FOR THE SHORT YEAR TAXABLE INCOME OF 80,000. TAXABLE INCOME FOR THE 12 MONTH PERIOD IS 200,000. SOUND EFFECTS FILED A TAX RETURN FOR THE SHORT PERIOD AND PAID TAX BASED ON THE GENERAL METHOD. SOUND EFFECTS IS CONSIDERING FILING AN ELECTION UNDER THE EXCEPTION RULE AND REQUESTING A REFUND OF ANY OVERPAYMENT. HOW MUCH IS SOUND EFFECTS OVERPAYMENT IF IT MAKES THE ELECTION UNDER THE EXCEPTION RULE FOR THE SHORT YEAR.
0
2700
9050
24500
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
