. Jack filed his tax return 8 months and 27 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $9,695 refund in taxes. Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent.$
. Jack filed his tax return 8 months and 27 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $9,695 refund in taxes. Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent.$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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. Jack filed his tax return 8 months and 27 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $9,695 refund in taxes.
Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent.
$
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