Blink Corp., an accrual-basis calendar-year corporation, carried back a net operating loss for the tax year ended December 31, 2014. Blink's gross revenues have been under $500,000 since inception. Blink expects to have profits for the tax year ending December 31, 2015. Which method(s) of estimated tax payment can Blink use for its quarterly payments during the 2015 tax year to avoid underpayment of federal estimated taxes?
I. 100% of the preceding tax year method.
II Annualized income method.
a. I only.
b. Both I and II.
c. II only.
d. Neither I nor II.
Answer: C
Tax
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- Income in respect of a cash-basis decedent
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