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General Accounting Discussions: Income Tax question

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    • CommentAuthorboukasa
    • CommentTimeApr 7th 2007
     
    How is estimated income tax managed on the books throughout the year?

    Specifically, if I sell an asset for a gain of $100K and I expect to owe $15K in income taxes, is the $15K booked as an expense (and a payable) at the time of the gain, even though the amount will not be owed to IRS until April of next year?

    Thanks for any assistance you colleagues can provide.

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