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Olivia, a calendar year taxpayer, does not file her 2010 return until December 12, 2011. At this point, she pays the $40000 balance due on her 2010 tax liability of $70000. Olivia did not apply for and obtain any extension of time for filing the 2010 return. When questioned by the IRS on her delinquency, Olivia asserts: "If I was too busy to file my regular tax return, I was too busy to request an extension."
a. Is Olivia liable for any penalties for failure to file and for failure to pay?
b. If so, compute the penalty amounts.
What accounting and other information could you look at to assist management in computing possible damages?
A company that provides training, certification and consulting services to commercial, government, and non-profit organizations in applying best practices in balanced scorecard (BSC), strategic performance management and measurement, and transform..
Streak Merchandising Company expects to purchase $ 60,000 of materials in July and $70,000 of materials in August. Three-quarters of all purchases are paid for in the month of purchase,
BUACC2606 Financial Accounting, Discuss the above quotation, particularly as it applies to non-current assets. Do you consider Chamber's assertion is justified?
Purchases land having a fair value of $336,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $592,147.
Write a strategy on how GM should operate its financial aspect of the company to improve sales.
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Write the appropriate audit report, assuming you believe the departure from GAAP is material but not enough to cause you to give an adverse opinion.
Assuming a direct-mapped cache with 16 one-word blocks that is initially empty, label each reference in the list as a hit or a miss and show the final contents of the cache.
In May of 2009, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2009, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable.
The following data are accumulated by Eco-Labs, Inc. in evaluating two competing capital investment proposals:
Which of the following formulas should be used to calculate the economic rate of return on common stock?
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