Gross tax liability for the short period, Accounting Basics

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Gross tax liability for the short period

IRS permission to change from the calendar year to a fiscal year ending June 30. On July 1, 2011, it switched to the new accounting period. Its gross receipts and expenses for January 1, 2011 - June 30, 2011 were $190,000 and 80,000, respectively. What is Shapot Inc.'s gross tax liability for the short period.

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Accounting Basics: Gross tax liability for the short period

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Accounting Basics: Gross tax liability for the short period

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