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Nina [5.8K]
3 years ago
11

Mr. and Mrs. Pitt filed a joint tax return in 2017. The couple divorced in 2018. The IRS audited their 2017 return and determine

d that the Pitts had underpaid their tax by $38,200. Which of the following statements is true?
A. The IRS must assess whichever spouse actually prepared the 2015 return for the entire deficiency.
B. Because the couple is divorced, the IRS must assess Mr. Pitt with a $19,100 deficiency and Mrs. Pitt with a $19,100 deficiency.
C. Because the couple is divorced, the IRS must apportion the deficiency between Mr. and Mrs. Pitt based on their relative contribution to their 2015 taxable income.
D. The IRS can assess either Mr. pitt or Mrs. pitt for the entire deficiency.
Business
1 answer:
AURORKA [14]3 years ago
3 0

Answer:

C. Because the couple is divorced, the IRS must apportion the deficiency between Mr. and Mrs. Pitt based on their relative contribution to their 2015 taxable income.

Explanation:

Because Mr and Mrs Pitt filed for a joint tax return in 2017 and got divorced in 2018 and IRS audited their tax return and found that they both underpaid their tax, the IRS must apportion the deficiency 50-50 between both of them based on their separate returns.

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Answer:

Consider the following calculation

Explanation:

1. Determine the 2018 EPS.

EPS = Net Income / Weighted Average number of shares

Numerator

Net Income = $15,90

Denominator

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2. Determine the 2019 EPS.

Numerator

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=[ 2,20 – 24 + 24 + 96 ] x 2 Stock Split

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Numerator

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Denominator

Weighted Average number of shares

= 2,520 x 2 Stock split

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6 0
3 years ago
Que elementos pueden faltar a la nacion
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In a market economy,
stiks02 [169]

Answer:

The correct answer is letter "D": supply and demand determine prices and prices, in turn, allocate the economy's scarce resources.

Explanation:

In a Market Economy, economic decisions and prices are determined by market forces rather than by central planning. Market forces refer to the collective effects of all the decisions made by individuals participants in the economy such as consumers and businesses according to their free will.

In other words, supply and demand are the regulators of a Market Economy determining prices also allocating scarce resources.

7 0
3 years ago
In a situation where the investor exercises significant influence over the investee, which of the following entries is not actua
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Answer:

2) Debit to Cash (for dividends received from the investee), and a Credit to Dividend Revenue.

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