Answer:
2029
Explanation:
When the IRS is performing an audit, they will usually request information about the last three years, but if they find any substantial errors, then the IRS might request information about the last six years.
Then if they determine that Martin owes taxes because he made a mistake on his previous filings or never filed any tax return, they can try to collect unpaid taxes for the last ten years. The IRS has a 10 year statute of limitations for the collection of unpaid taxes.
Answer:
The correct option is A
Explanation:
Arnold has the potential and capacity which means he has the power but instead he chooses to stick to important paperwork which makes him fail in influencing his subordinates.
Answer:
$144 unfavorable
Explanation:
The computation of the overall fixed manufacturing overhead volume variance for the month is shown below:
But before that following calculations need to be done
Budgeted manufacturing overhead is
= 6600 × $1.20
= $7,920
And,
Manufacturing overhead applied is
= Standard hours × Predetermined overhead rate
= 6480 × $1.20 = $7,776
So, fixed manufacturing overhead volume variance is
= Fixed overhead applied - budgeted fixed overhead
= $7,776 - $7,920
= $144 unfavorable
It is because you always have to pay it. The federal income tax is what the govt charge to take care of United States. It will never go away, you will always have to pay it. That is why it is called a progressive tax.
Answer: $9025 §1231 loss
Explanation:
From the question, we are informed that Sumner sold equipment that it uses in its business for $30,800 and that the equipment was bought a few years ago for $79,600.00 and has claimed $39,775 of depreciation expense.
Assuming this is Sumner's only disposition for the year, the amount and type or character of Sumner's gain or loss goes thus:
The book value of the equipment will be:
= $79600 - $39775
= $39825
Since the equipment is sold for $30,800, the loss will be:
= $39825 - $30800
= $9025
It should be noted that there will be no depreciation recapture because the asset is sold for a loss.
