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During the audit of Mr. and Mrs. Jessel's 2012 and 2013 tax returns, the revenue agent learned that they kept two sets of books for their sole proprietorship. A comparison of the two revealed that Mr. and Mrs. Jessel earned over $80,000 unreported income. The tax deficiency on the unreported income was $32,000.
a. Compute the civil fraud penalty the IRS may impose.
b. Describe the procedural steps the IRS must take to charge the couple with criminal fraud.
c. Why might the IRS decide to impose a civil fraud penalty on Mr. and Mrs. Jessel but not charge them with criminal fraud?
If the corporate form of business organization has so many advantages over the sole proprietorship, why is it so common for small businesses to initially be formed as sole proprietorships?
Identify the sources of short/medium and long term finances available to Citilink now and in near future. You may refer to Appendix I to support your findings, if needed.
Ada purchased stock in Umbrella Company five years ago at a price of $ 31 . Over the last five years, the stock has changed by -2.32 % . What is the price of the stock today? Round your answer to the nearest cent.
the objectivespurpose of the research paper project are to enable you to do a comprehensive financial analysis of a
The Unlimited, a national retailing chain, is considering an investment in one of two mutually exclusive projects. The discount rate used for Project A is 12 percent. Further, Project A costs $15,000, and it would be depreciated using MACRS. It is ex..
The Fed makes an open-market purchase of $5 million in an economy in which no bank holds excess reserves and the assumptions of the simple multiplier hold with a reserve requirement of 8 percent. Draw up the bank's balance sheet and calculate the ban..
Fairmont Industries primarily relies on 100% equity financing to fund projects. A good opportunity is available that will require $250,000 in capital. The Fairmont owner can supply the money from personal investments that currently earn an average of..
Which of these may lawfully be used as part of a loan application evaluation process?
A bond has an annual 8 percent coupon rate, a maturity of 10 years, a face value of $1,000, and makes semiannual payments. If the price is $934.96, what is the annual nominal yield to maturity on the bond? Show work
Project S costs $2100 up front, and its expected net cash inflows are $840 per year for 8 years (with the first inflow occurring one year from today). If the WACC is 11% the project's NPV is $_________. Project L costs $3600, its expected cash inflo..
Martin invested $1,000 six years ago and expected to have $1,500 today. He has not added or withdrawn any money from this account since his initial investment. All interest was reinvested in the account. Martin earned simple interest rather than comp..
Ezzell Corporation issued preferred stock with a stated dividend of 10 percent of par. Preferred stock of this type currently yields 8 percent, and the par value is $100. Assume dividends are paid annually. What is the value of Ezzell's preferred sto..
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