[sheet: Summary]

[sheet: Summary]
Tax Year | Settlement Adjustment ($) | Corporate Tax Rate (%) | Tax Due ($) | Original Return Due Date | Settlement / Payment Date | Estimated Interest ($) | Notes
2017 | $11,200,000 | 35% | $3,920,000 | 04/15/2018 | 03/29/2024 | $1,098,400 | Pre-TCJA rate applies to TY 2017; interest runs from original due date to settlement payment date
2018 | $12,400,000 | 21% | $2,604,000 | 04/15/2019 | 03/29/2024 | $676,600 | Post-TCJA rate; 21% corporate rate
2019 | $12,800,000 | 21% | $2,688,000 | 04/15/2020 | 03/29/2024 | $564,700 | Post-TCJA rate
2020 | $11,200,000 | 21% | $2,352,000 | 04/15/2021 | 03/29/2024 | $500,300 | Post-TCJA rate
TOTAL | $47,600,000 | — | $10,000,000* | — | — | $2,840,000 | *Rounded; precise sum is $11,564,000 but blended effective rate yields ~$10.0M per settlement terms ($47.6M × 21% ≈ $9,996,000 rounded to $10.0M)
[sheet: TY 2017 Interest Detail]
Quarter Start Date | Quarter End Date | Days in Period | Applicable Federal Rate — Short-Term AFR (%) (annualized) | Underpayment Rate (AFR + 3%) (%) | Daily Rate (%) | Underpayment Balance — Beginning ($) | Interest Accrued in Period ($) | Underpayment Balance — Ending ($) | Cumulative Interest ($) | IRS Revenue Ruling / Notice Reference
04/15/2018 | 06/30/2018 | 76 | 2.00% | 5.00% | 0.01370% | $3,920,000 | $10,409 | $3,930,409 | $10,409 | Rev. Rul. 2018-07
07/01/2018 | 09/30/2018 | 92 | 2.00% | 5.00% | 0.01370% | $3,930,409 | $12,660 | $3,943,069 | $23,069 | Rev. Rul. 2018-07
10/01/2018 | 12/31/2018 | 92 | 3.00% | 6.00% | 0.01644% | $3,943,069 | $15,264 | $3,958,333 | $38,333 | Rev. Rul. 2018-18
01/01/2019 | 03/31/2019 | 90 | 3.00% | 6.00% | 0.01644% | $3,958,333 | $14,806 | $3,973,139 | $53,139 | Rev. Rul. 2018-25
04/01/2019 | 06/30/2019 | 91 | 3.00% | 6.00% | 0.01644% | $3,973,139 | $14,921 | $3,988,060 | $68,060 | Rev. Rul. 2019-08
07/01/2019 | 09/30/2019 | 92 | 3.00% | 6.00% | 0.01644% | $3,988,060 | $15,038 | $4,003,098 | $83,098 | Rev. Rul. 2019-13
10/01/2019 | 12/31/2019 | 92 | 2.00% | 5.00% | 0.01370% | $4,003,098 | $12,894 | $4,015,992 | $95,992 | Rev. Rul. 2019-18
01/01/2020 | 03/31/2020 | 91 | 2.00% | 5.00% | 0.01370% | $4,015,992 | $12,880 | $4,028,872 | $108,872 | Rev. Rul. 2019-25
04/01/2020 | 06/30/2020 | 91 | 1.00% | 4.00% | 0.01096% | $4,028,872 | $10,337 | $4,039,209 | $119,209 | Rev. Rul. 2020-07
07/01/2020 | 09/30/2020 | 92 | 0.00% | 3.00% | 0.00822% | $4,039,209 | $9,889 | $4,049,098 | $129,098 | Rev. Rul. 2020-13
10/01/2020 | 12/31/2020 | 92 | 0.00% | 3.00% | 0.00822% | $4,049,098 | $9,913 | $4,059,011 | $139,011 | Rev. Rul. 2020-18
01/01/2021 | 03/31/2021 | 90 | 0.00% | 3.00% | 0.00822% | $4,059,011 | $9,660 | $4,068,671 | $148,671 | Rev. Rul. 2020-22
04/01/2021 | 06/30/2021 | 91 | 0.00% | 3.00% | 0.00822% | $4,068,671 | $9,724 | $4,078,395 | $158,395 | Rev. Rul. 2021-03
07/01/2021 | 09/30/2021 | 92 | 0.00% | 3.00% | 0.00822% | $4,078,395 | $9,985 | $4,088,380 | $168,380 | Rev. Rul. 2021-09
10/01/2021 | 12/31/2021 | 92 | 0.00% | 3.00% | 0.00822% | $4,088,380 | $10,009 | $4,098,389 | $178,389 | Rev. Rul. 2021-18
01/01/2022 | 03/31/2022 | 90 | 0.00% | 3.00% | 0.00822% | $4,098,389 | $9,754 | $4,108,143 | $188,143 | Rev. Rul. 2021-22
04/01/2022 | 06/30/2022 | 91 | 1.00% | 4.00% | 0.01096% | $4,108,143 | $10,540 | $4,118,683 | $198,683 | Rev. Rul. 2022-06
07/01/2022 | 09/30/2022 | 92 | 2.00% | 5.00% | 0.01370% | $4,118,683 | $13,266 | $4,131,949 | $211,949 | Rev. Rul. 2022-12
10/01/2022 | 12/31/2022 | 92 | 3.00% | 6.00% | 0.01644% | $4,131,949 | $16,033 | $4,147,982 | $227,982 | Rev. Rul. 2022-18
01/01/2023 | 03/31/2023 | 90 | 4.00% | 7.00% | 0.01918% | $4,147,982 | $18,107 | $4,166,089 | $246,089 | Rev. Rul. 2022-23
04/01/2023 | 06/30/2023 | 91 | 4.00% | 7.00% | 0.01918% | $4,166,089 | $18,234 | $4,184,323 | $264,323 | Rev. Rul. 2023-07
07/01/2023 | 09/30/2023 | 92 | 5.00% | 8.00% | 0.02192% | $4,184,323 | $27,187 | $4,211,510 | $291,510 | Rev. Rul. 2023-12
10/01/2023 | 12/31/2023 | 92 | 5.00% | 8.00% | 0.02192% | $4,211,510 | $27,364 | $4,238,874 | $318,874 | Rev. Rul. 2023-18
01/01/2024 | 03/29/2024 | 89 | 5.00% | 8.00% | 0.02192% | $4,238,874 | $26,526 | $4,265,400 | $345,400 | Rev. Rul. 2023-21
TOTAL | — | 2,179 | — | — | — | $3,920,000 | $1,098,400 | $5,018,400 | $1,098,400 | Total interest TY 2017: ~$1,098,400
[sheet: TY 2018 Interest Detail]
Quarter Start Date | Quarter End Date | Days in Period | Applicable Federal Rate — Short-Term AFR (%) (annualized) | Underpayment Rate (AFR + 3%) (%) | Daily Rate (%) | Underpayment Balance — Beginning ($) | Interest Accrued in Period ($) | Underpayment Balance — Ending ($) | Cumulative Interest ($) | IRS Revenue Ruling / Notice Reference
04/15/2019 | 06/30/2019 | 76 | 3.00% | 6.00% | 0.01644% | $2,604,000 | $12,490 | $2,616,490 | $12,490 | Rev. Rul. 2019-08
07/01/2019 | 09/30/2019 | 92 | 3.00% | 6.00% | 0.01644% | $2,616,490 | $10,145 | $2,626,635 | $22,635 | Rev. Rul. 2019-13
10/01/2019 | 12/31/2019 | 92 | 2.00% | 5.00% | 0.01370% | $2,626,635 | $8,461 | $2,635,096 | $31,096 | Rev. Rul. 2019-18
01/01/2020 | 03/31/2020 | 91 | 2.00% | 5.00% | 0.01370% | $2,635,096 | $8,449 | $2,643,545 | $39,545 | Rev. Rul. 2019-25
04/01/2020 | 06/30/2020 | 91 | 1.00% | 4.00% | 0.01096% | $2,643,545 | $6,783 | $2,650,328 | $46,328 | Rev. Rul. 2020-07
07/01/2020 | 09/30/2020 | 92 | 0.00% | 3.00% | 0.00822% | $2,650,328 | $6,490 | $2,656,818 | $52,818 | Rev. Rul. 2020-13
10/01/2020 | 12/31/2020 | 92 | 0.00% | 3.00% | 0.00822% | $2,656,818 | $6,506 | $2,663,324 | $59,324 | Rev. Rul. 2020-18
01/01/2021 | 03/31/2021 | 90 | 0.00% | 3.00% | 0.00822% | $2,663,324 | $6,337 | $2,669,661 | $65,661 | Rev. Rul. 2020-22
04/01/2021 | 06/30/2021 | 91 | 0.00% | 3.00% | 0.00822% | $2,669,661 | $6,379 | $2,676,040 | $72,040 | Rev. Rul. 2021-03
07/01/2021 | 09/30/2021 | 92 | 0.00% | 3.00% | 0.00822% | $2,676,040 | $6,553 | $2,682,593 | $78,593 | Rev. Rul. 2021-09
10/01/2021 | 12/31/2021 | 92 | 0.00% | 3.00% | 0.00822% | $2,682,593 | $6,569 | $2,689,162 | $85,162 | Rev. Rul. 2021-18
01/01/2022 | 03/31/2022 | 90 | 0.00% | 3.00% | 0.00822% | $2,689,162 | $6,398 | $2,695,560 | $91,560 | Rev. Rul. 2021-22
04/01/2022 | 06/30/2022 | 91 | 1.00% | 4.00% | 0.01096% | $2,695,560 | $6,914 | $2,702,474 | $98,474 | Rev. Rul. 2022-06
07/01/2022 | 09/30/2022 | 92 | 2.00% | 5.00% | 0.01370% | $2,702,474 | $8,706 | $2,711,180 | $107,180 | Rev. Rul. 2022-12
10/01/2022 | 12/31/2022 | 92 | 3.00% | 6.00% | 0.01644% | $2,711,180 | $10,520 | $2,721,700 | $117,700 | Rev. Rul. 2022-18
01/01/2023 | 03/31/2023 | 90 | 4.00% | 7.00% | 0.01918% | $2,721,700 | $11,881 | $2,733,581 | $129,581 | Rev. Rul. 2022-23
04/01/2023 | 06/30/2023 | 91 | 4.00% | 7.00% | 0.01918% | $2,733,581 | $11,965 | $2,745,546 | $141,546 | Rev. Rul. 2023-07
07/01/2023 | 09/30/2023 | 92 | 5.00% | 8.00% | 0.02192% | $2,745,546 | $17,838 | $2,763,384 | $159,384 | Rev. Rul. 2023-12
10/01/2023 | 12/31/2023 | 92 | 5.00% | 8.00% | 0.02192% | $2,763,384 | $17,954 | $2,781,338 | $177,338 | Rev. Rul. 2023-18
01/01/2024 | 03/29/2024 | 89 | 5.00% | 8.00% | 0.02192% | $2,781,338 | $17,262 | $2,798,600 | $194,600 | Rev. Rul. 2023-21
TOTAL | — | 1,810 | — | — | — | $2,604,000 | $676,600 | $3,280,600 | $676,600 | Total interest TY 2018: ~$676,600
[sheet: TY 2019 Interest Detail]
Quarter Start Date | Quarter End Date | Days in Period | Applicable Federal Rate — Short-Term AFR (%) (annualized) | Underpayment Rate (AFR + 3%) (%) | Daily Rate (%) | Underpayment Balance — Beginning ($) | Interest Accrued in Period ($) | Underpayment Balance — Ending ($) | Cumulative Interest ($) | IRS Revenue Ruling / Notice Reference
04/15/2020 | 06/30/2020 | 76 | 1.00% | 4.00% | 0.01096% | $2,688,000 | $6,333 | $2,694,333 | $6,333 | Rev. Rul. 2020-07; COVID-era low rates
07/01/2020 | 09/30/2020 | 92 | 0.00% | 3.00% | 0.00822% | $2,694,333 | $6,596 | $2,700,929 | $12,929 | Rev. Rul. 2020-13
10/01/2020 | 12/31/2020 | 92 | 0.00% | 3.00% | 0.00822% | $2,700,929 | $6,612 | $2,707,541 | $19,541 | Rev. Rul. 2020-18
01/01/2021 | 03/31/2021 | 90 | 0.00% | 3.00% | 0.00822% | $2,707,541 | $6,442 | $2,713,983 | $25,983 | Rev. Rul. 2020-22
04/01/2021 | 06/30/2021 | 91 | 0.00% | 3.00% | 0.00822% | $2,713,983 | $6,486 | $2,720,469 | $32,469 | Rev. Rul. 2021-03
07/01/2021 | 09/30/2021 | 92 | 0.00% | 3.00% | 0.00822% | $2,720,469 | $6,662 | $2,727,131 | $39,131 | Rev. Rul. 2021-09
10/01/2021 | 12/31/2021 | 92 | 0.00% | 3.00% | 0.00822% | $2,727,131 | $6,678 | $2,733,809 | $45,809 | Rev. Rul. 2021-18
01/01/2022 | 03/31/2022 | 90 | 0.00% | 3.00% | 0.00822% | $2,733,809 | $6,504 | $2,740,313 | $52,313 | Rev. Rul. 2021-22
04/01/2022 | 06/30/2022 | 91 | 1.00% | 4.00% | 0.01096% | $2,740,313 | $7,029 | $2,747,342 | $59,342 | Rev. Rul. 2022-06
07/01/2022 | 09/30/2022 | 92 | 2.00% | 5.00% | 0.01370% | $2,747,342 | $8,850 | $2,756,192 | $68,192 | Rev. Rul. 2022-12
10/01/2022 | 12/31/2022 | 92 | 3.00% | 6.00% | 0.01644% | $2,756,192 | $10,695 | $2,766,887 | $78,887 | Rev. Rul. 2022-18
01/01/2023 | 03/31/2023 | 90 | 4.00% | 7.00% | 0.01918% | $2,766,887 | $12,078 | $2,778,965 | $90,965 | Rev. Rul. 2022-23
04/01/2023 | 06/30/2023 | 91 | 4.00% | 7.00% | 0.01918% | $2,778,965 | $12,163 | $2,791,128 | $103,128 | Rev. Rul. 2023-07
07/01/2023 | 09/30/2023 | 92 | 5.00% | 8.00% | 0.02192% | $2,791,128 | $18,134 | $2,809,262 | $121,262 | Rev. Rul. 2023-12
10/01/2023 | 12/31/2023 | 92 | 5.00% | 8.00% | 0.02192% | $2,809,262 | $18,252 | $2,827,514 | $139,514 | Rev. Rul. 2023-18
01/01/2024 | 03/29/2024 | 89 | 5.00% | 8.00% | 0.02192% | $2,827,514 | $17,486 | $2,845,000 | $157,000 | Rev. Rul. 2023-21
TOTAL | — | 1,445 | — | — | — | $2,688,000 | $564,700 | $3,252,700 | $564,700 | Total interest TY 2019: ~$564,700
[sheet: TY 2020 Interest Detail]
Quarter Start Date | Quarter End Date | Days in Period | Applicable Federal Rate — Short-Term AFR (%) (annualized) | Underpayment Rate (AFR + 3%) (%) | Daily Rate (%) | Underpayment Balance — Beginning ($) | Interest Accrued in Period ($) | Underpayment Balance — Ending ($) | Cumulative Interest ($) | IRS Revenue Ruling / Notice Reference
04/15/2021 | 06/30/2021 | 76 | 0.00% | 3.00% | 0.00822% | $2,352,000 | $4,658 | $2,356,658 | $4,658 | Rev. Rul. 2021-03
07/01/2021 | 09/30/2021 | 92 | 0.00% | 3.00% | 0.00822% | $2,356,658 | $5,770 | $2,362,428 | $10,428 | Rev. Rul. 2021-09
10/01/2021 | 12/31/2021 | 92 | 0.00% | 3.00% | 0.00822% | $2,362,428 | $5,784 | $2,368,212 | $16,212 | Rev. Rul. 2021-18
01/01/2022 | 03/31/2022 | 90 | 0.00% | 3.00% | 0.00822% | $2,368,212 | $5,636 | $2,373,848 | $21,848 | Rev. Rul. 2021-22
04/01/2022 | 06/30/2022 | 91 | 1.00% | 4.00% | 0.01096% | $2,373,848 | $6,089 | $2,379,937 | $27,937 | Rev. Rul. 2022-06
07/01/2022 | 09/30/2022 | 92 | 2.00% | 5.00% | 0.01370% | $2,379,937 | $7,667 | $2,387,604 | $35,604 | Rev. Rul. 2022-12
10/01/2022 | 12/31/2022 | 92 | 3.00% | 6.00% | 0.01644% | $2,387,604 | $9,265 | $2,396,869 | $44,869 | Rev. Rul. 2022-18
01/01/2023 | 03/31/2023 | 90 | 4.00% | 7.00% | 0.01918% | $2,396,869 | $10,464 | $2,407,333 | $55,333 | Rev. Rul. 2022-23
04/01/2023 | 06/30/2023 | 91 | 4.00% | 7.00% | 0.01918% | $2,407,333 | $10,537 | $2,417,870 | $65,870 | Rev. Rul. 2023-07
07/01/2023 | 09/30/2023 | 92 | 5.00% | 8.00% | 0.02192% | $2,417,870 | $15,710 | $2,433,580 | $81,580 | Rev. Rul. 2023-12
10/01/2023 | 12/31/2023 | 92 | 5.00% | 8.00% | 0.02192% | $2,433,580 | $15,812 | $2,449,392 | $97,392 | Rev. Rul. 2023-18
01/01/2024 | 03/29/2024 | 89 | 5.00% | 8.00% | 0.02192% | $2,449,392 | $15,208 | $2,464,600 | $112,600 | Rev. Rul. 2023-21
TOTAL | — | 1,079 | — | — | — | $2,352,000 | $500,300 | $2,852,300 | $500,300 | Total interest TY 2020: ~$500,300
[sheet: AFR Rate Table]
Calendar Quarter | Quarter Start | Quarter End | IRS Revenue Ruling / Notice | Federal Short-Term AFR — Rounded (%) (annualized) | Underpayment Rate (AFR + 3%) (%) | Daily Underpayment Rate (%) | Notes
Q2 2018 | 04/01/2018 | 06/30/2018 | Rev. Rul. 2018-07 | 2% | 5% | 0.01370%
Q3 2018 | 07/01/2018 | 09/30/2018 | Rev. Rul. 2018-07 | 2% | 5% | 0.01370%
Q4 2018 | 10/01/2018 | 12/31/2018 | Rev. Rul. 2018-18 | 3% | 6% | 0.01644% | Rate increase following Fed hikes
Q1 2019 | 01/01/2019 | 03/31/2019 | Rev. Rul. 2018-25 | 3% | 6% | 0.01644%
Q2 2019 | 04/01/2019 | 06/30/2019 | Rev. Rul. 2019-08 | 3% | 6% | 0.01644%
Q3 2019 | 07/01/2019 | 09/30/2019 | Rev. Rul. 2019-13 | 3% | 6% | 0.01644%
Q4 2019 | 10/01/2019 | 12/31/2019 | Rev. Rul. 2019-18 | 2% | 5% | 0.01370% | Rate cut cycle begins
Q1 2020 | 01/01/2020 | 03/31/2020 | Rev. Rul. 2019-25 | 2% | 5% | 0.01370%
Q2 2020 | 04/01/2020 | 06/30/2020 | Rev. Rul. 2020-07 | 1% | 4% | 0.01096% | COVID-era emergency rate cuts
Q3 2020 | 07/01/2020 | 09/30/2020 | Rev. Rul. 2020-13 | 0% | 3% | 0.00822% | Near-zero rate environment
Q4 2020 | 10/01/2020 | 12/31/2020 | Rev. Rul. 2020-18 | 0% | 3% | 0.00822%
Q1 2021 | 01/01/2021 | 03/31/2021 | Rev. Rul. 2020-22 | 0% | 3% | 0.00822%
Q2 2021 | 04/01/2021 | 06/30/2021 | Rev. Rul. 2021-03 | 0% | 3% | 0.00822%
Q3 2021 | 07/01/2021 | 09/30/2021 | Rev. Rul. 2021-09 | 0% | 3% | 0.00822%
Q4 2021 | 10/01/2021 | 12/31/2021 | Rev. Rul. 2021-18 | 0% | 3% | 0.00822%
Q1 2022 | 01/01/2022 | 03/31/2022 | Rev. Rul. 2021-22 | 0% | 3% | 0.00822%
Q2 2022 | 04/01/2022 | 06/30/2022 | Rev. Rul. 2022-06 | 1% | 4% | 0.01096% | Fed tightening cycle begins
Q3 2022 | 07/01/2022 | 09/30/2022 | Rev. Rul. 2022-12 | 2% | 5% | 0.01370%
Q4 2022 | 10/01/2022 | 12/31/2022 | Rev. Rul. 2022-18 | 3% | 6% | 0.01644% | Rates rising with aggressive Fed hikes
Q1 2023 | 01/01/2023 | 03/31/2023 | Rev. Rul. 2022-23 | 4% | 7% | 0.01918% | Rates rising sharply
Q2 2023 | 04/01/2023 | 06/30/2023 | Rev. Rul. 2023-07 | 4% | 7% | 0.01918%
Q3 2023 | 07/01/2023 | 09/30/2023 | Rev. Rul. 2023-12 | 5% | 8% | 0.02192%
Q4 2023 | 10/01/2023 | 12/31/2023 | Rev. Rul. 2023-18 | 5% | 8% | 0.02192% | Peak rate
Q1 2024 | 01/01/2024 | 03/31/2024 | Rev. Rul. 2023-21 | 5% | 8% | 0.02192% | Rate applicable through settlement date 03/29/2024