What are the tax effects of the 2016 payment to the customer and the collection of the state income taxes overpaid? – assignmentcollections.com
Business Finance Assignment Collections – assignmentcollections.com
Yard Corporation, a cash basis taxpayer, received $10,000 from a customer in 2015. In 2015, the customer filed a claim for a refund of the fee. In 2016, Yard refunded the customer $6,000. In 2015, Yard paid $5,000 in estimated state income tax. In May 2016, Yard received a state income tax refund of $2,000 for overpayment of its 2015 income tax. Yard was in the 35% marginal tax bracket in 2015 and in the 15% marginal tax bracket in 2016.
What are the tax effects of the 2016 payment to the customer and the collection of the state income taxes overpaid?
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