Loose Leaf for McGraw-Hill's Taxation of Individuals and Business Entities 2019 Edition
10th Edition
ISBN: 9781260189728
Author: Brian C. Spilker Professor, Benjamin C. Ayers, John Robinson Professor, Edmund Outslay Professor, Ronald G. Worsham Associate Professor, John A. Barrick Assistant Professor, Connie Weaver
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 2, Problem 2DQ
To determine
Identify the last date that person B could file the return without penalty.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Benita is concerned that she will not be able to complete her tax return by April 15. Can she request an extension to file her return? By what date must she do so? Assuming she requests an extension, what is the latest date that she could file her return this year without penalty? Answer: Yes, Benita can file an automatic six month extension to file her tax return
Ahmed does not have enough cash on hand to pay his taxes. He was excited to hear that he can request an extension to file his tax return. Does this solve his problem? What are the ramifications if he doesn’t pay his tax liability by April 15?
Cadla has a very complex tax return and it looks like she will not be able to file her tax return by its due date. When is her tax return due? What are Cadla's options for paying her tax due and filing her tax return this year? What are the consequences if Cadla does not file or pay her tax in a timely manner? Be specific
Chapter 2 Solutions
Loose Leaf for McGraw-Hill's Taxation of Individuals and Business Entities 2019 Edition
Ch. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Approximately what percentage of tax returns does...Ch. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Compare and contrast the three types of tax law...Ch. 2 - The U.S. Constitution is the highest tax authority...
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - What are the basic differences between...Ch. 2 - Under what circumstance would the IRS issue an...Ch. 2 - Carlos has located a regulation that appears to...Ch. 2 - Tyrone recently read a regulation that Congress...Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Mason was shocked to learn that the current Code...Ch. 2 - Describe in general the process by which new tax...Ch. 2 - What are the three committees that debate proposed...Ch. 2 - The president recently vetoed a tax act passed by...Ch. 2 - What are the five basic parts of an internal...Ch. 2 - What is the difference between primary and...Ch. 2 - Prob. 25DQCh. 2 - What is the difference between open and closed...Ch. 2 - Prob. 27DQCh. 2 - Amber is a tax expert, whereas Rob is a tax...Ch. 2 - Discuss the basic differences between annotated...Ch. 2 - Prob. 30DQCh. 2 - Lindsey has become very frustrated in researching...Ch. 2 - Nola, a tax novice, has a fairly simple tax...Ch. 2 - Armando identifies a tax research question as...Ch. 2 - How are citators used in tax research?Ch. 2 - What is the general rule for how many authorities...Ch. 2 - Prob. 36DQCh. 2 - Levi is recommending a tax return position to his...Ch. 2 - Prob. 38DQCh. 2 - What are the basic differences between civil and...Ch. 2 - Prob. 40DQCh. 2 - Prob. 41DQCh. 2 - What are the tax practitioners standards to avoid...Ch. 2 - Prob. 43PCh. 2 - Prob. 44PCh. 2 - The estate of Monique Chablis earned 450 of income...Ch. 2 - Prob. 46PCh. 2 - Shane has never filed a tax return despite earning...Ch. 2 - Latoya filed her tax return on February 10 this...Ch. 2 - Using the facts from the previous problem, how...Ch. 2 - Paula could not reach an agreement with the IRS at...Ch. 2 - Prob. 51PCh. 2 - Sophia recently won a tax case litigated in the...Ch. 2 - Prob. 53PCh. 2 - Prob. 54PCh. 2 - Randy deducted a high level of itemized deductions...Ch. 2 - Prob. 56PCh. 2 - Prob. 57PCh. 2 - Prob. 58PCh. 2 - Prob. 59PCh. 2 - Prob. 60PCh. 2 - Jamareo has found a favorable authority directly...Ch. 2 - Prob. 62PCh. 2 - Prob. 63PCh. 2 - Prob. 64PCh. 2 - Prob. 65PCh. 2 - Prob. 66PCh. 2 - Prob. 67PCh. 2 - Prob. 68PCh. 2 - Prob. 69PCh. 2 - Pierre recently received a tax penalty for failing...Ch. 2 - Prob. 71PCh. 2 - Matt and Lori were divorced in 2016. Pursuant to...Ch. 2 - Shaun is a huge college football fan. In the past,...Ch. 2 - Latrell recently used his Delta Skymiles to...Ch. 2 - Prob. 75PCh. 2 - Prob. 76PCh. 2 - Prob. 77PCh. 2 - Prob. 78PCh. 2 - Maurice has a client that recently asked him about...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Aliya files her current year tax return on June 18 of the following year. On October 8 she pays the amount due, if any, without requesting an extension. The tax shown on her return is $30,000. Aliya pays no estimated taxes and claims no tax credits on her current year return. Read the requirements. Requirement a. What penalties will the IRS likely impose on Aliya (ignoring the penalty for underpayment of estimated taxes)? On what dollar amount, and for how many days, will Aliya owe interest? Assume Aliya committed no fraud and that any penalty and interest period begins on April 16. Assume her wage withholding tax amounts to $23,000. Complete the table below to show the penalties that the IRS will likely impose on Aliya. Minus: Total penalties Aliya owes interest on for days. Requirement b. What penalties will the IRS likely impose on Aliya (ignoring the penalty for underpayment of estimated taxes)? On what dollar amount, and for how many days, will Aliya owe interest? Assume Aliya…arrow_forwardPlease help solve the problem See attached documentarrow_forwardLorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 6 1/2% ordinary interest. What is her fee? I am not coming up with the right answerarrow_forward
- Sansa opened a savings account in 2020 and deposited $8,000. She received $200 of interest on the account in 2021, but did not withdraw the money. What year does Sansa include the interest income on her tax return? a. Interest income is never taxable. b. 2020, the year she deposited the money. c. 2021, the year she earned the interest. d. She does not pay tax on the interest until she withdraws the money.arrow_forwardIn 2015 Chara incurred a loan to pay for qualified higher education expenses for her 20-year-old granddaughter, who was a dependent. In 2019 her granddaughter graduated from college, moved away to start a new job, and ceased to be a dependent on Chara’s tax return. Chara started making payments on the loan in 2019. Without regard to any modified AGI limitations, is Chara permitted to deduct interest on the loan?arrow_forwardCamila timely filed her 2020 tax return on April 15, 2021. Under ordinary circumstances, what is the last day she can file an amended tax return? April 15, 2023; October 15, 2023; April 18, 2024; October 15, 2024arrow_forward
- Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $23,000 per year. All property was divided equally.arrow_forwardYour client, who is in poor health, is considering selling her business to her daughter using a 10-year installment sale. The client has asked you about the estate tax implications of the outstanding installment note payments should she die within the 10-year period. What is your response to your client's inquiry regarding the estate tax implications? A) The fair market value of the business will be included in her gross estate because the installment sale term will not be completed. B) The outstanding installment payments will be excluded from her gross estate because she did not outlive the 10-year installment period. C) The present worth of any outstanding installment payments must be included in her gross estate because the installment term was not completed. D) The outstanding installment payments will be cancelled upon her death and excluded from her gross estate if she does not outlive the 10-year period.arrow_forwardMary is self-employed for 2019. Mary estimates her required annual estimated tax payment for 2019 to be $4,000. Mary had a $500 overpayment of last year's taxes which she will apply against her first quarter estimated payment. a. How much should Mary pay with her first quarter estimated tax voucher? b. When is the payment due?arrow_forward
- In 2023, John, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2023 income tax return until December 10, 2024 (due date was April 15, 2024) and no extensions of time to file the return were filed. Below are amounts from his 2023 return: View the 2023 data. Read the requirement. First select the labels for any applicable financial obligations that John will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations. Only round amounts you enter into the table to the nearest cent. If an input field is not used in the table leave the input field empty; do not select a label or enter a zero.) Interest Late payment: Failure to pay penalty Late filing: Failure to file penalty 282.99 279.00 1,395.00 2023 data - X Taxable income Total additional amount due $ 1,956.99 Total tax…arrow_forwardGreg has one employer and expects no changes to his tax situation for next year. He received a large refund after filing his 2019 tax return. He would like to pay less in taxes throughout the year, even if that means a lower refund when he files his 2020 return. Which of the following actions is most likely to help Greg achieve this goal? Complete only Steps 1 and 5 of the 2020 Form W-4, entering personal information and filing status and signing the form. Tax will be computed only on the standard deduction amount and tax rates for Greg's filing status. Complete 2020 Form W-4, Step 4c, and enter a negative amount of tax to be withheld each pay period. Complete 2020 Form W-4, Step 4c, and enter an additional amount of tax to be withheld each pay period. Purchase an educationarrow_forwardIn 2020, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2020 income tax return until December 4, 2021 (due date was April 15, 2021) and no extensions of time to file the return were filed. Below are amounts from his 2020 return: E (Click the icon to view the 2020 data.) Requirement Has Paul met all of his financial obligations to the IRS for 2020? If not, what additional amounts will Paul be liable to pay to the IRS? (Assumptions). Ignore any extentions granted for extraordinary circumstances. First select the labels for any applicable financial obligations that Paul will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations. Only round amounts you enter into the table to the nearest cent. If an input field is not used in the table leave the input field empty;…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT