1a. Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for the current year. The corporation also has $20,000 in dividends from publicly traded domestic corporations (ownership in all corporations was less than 20 percent). Calculate the corporation’s dividends received deduction for the current year.
1b. Mallory Corporation has a calendar year-end. The corporation has paid estimated payments of $10,000 during 2016 but still owes an additional $5,000 for its 2016 tax year.
a. When is the 2016 tax return due?
b. If an automatic extension of time to file is request, when is the 2016 tax return due?
c. If an extension of time to file is requested, when is the additional $5,000 of tax for 2016 due?