Linwood files his tax return 92 days after the due date. Along with the return, Linwood remits a check for $2,000 which is the balance of the tax owed. Disregarding the interest element, Linwood's total failure to file penalty is: 1. $40 2. $360 3. $400 4. $440
Linwood files his tax return 92 days after the due date. Along with the return, Linwood remits a check for $2,000 which is the balance of the tax owed. Disregarding the interest element, Linwood's total failure to file penalty is: 1. $40 2. $360 3. $400 4. $440
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Linwood files his tax return 92 days
after the due date. Along with the
return, Linwood remits a check for
$2,000 which is the balance of the
tax owed. Disregarding the interest
element, Linwood's total failure to
file penalty is:
1. $40
2. $360
3. $400
4. $440
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