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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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