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vichka [17]
3 years ago
15

Regarding the statute of limitations on additional assessments of tax by the IRS, select the applicable date in each of the foll

owing situations. Note: Assume a calendar year individual with no fraud or substantial omissions involved.
a. The income tax return for 2018 was filed on March 3, 2019. The three-year statute of limitations will begin to run on .
b. The income tax return for 2018 was filed on August 13, 2019. The statute of limitations will begin to run on .
c. The income tax return for 2018 was prepared on March 31, 2019, but was never filed. Through some misunderstanding between the preparer and the taxpayer, each expected the other to file the return. The statute of limitations .
d. The income tax return for 2018 was never filed because the taxpayer thought no additional tax was due. The statute of limitations .
Business
1 answer:
-Dominant- [34]3 years ago
3 0

Answer:

A) The income tax return for 2018 was filed on March 3, 2019. The three-year statute of limitations will begin to run on:

  • April 16, 2019 (the next day after the tax deadline)

B) The income tax return for 2018 was filed on August 13, 2019. The statute of limitations will begin to run on:

  • August 13, 2019 (the same day the taxes were filed)

C) The income tax return for 2018 was prepared on March 31, 2019, but was never filed. Through some misunderstanding between the preparer and the taxpayer, each expected the other to file the return. The statute of limitations:

  • If the taxes were not filed, then the statute of limitations cannot begin to run.

D) The income tax return for 2018 was never filed because the taxpayer thought no additional tax was due. The statute of limitations:

  • If the taxes were not filed, then the statute of limitations cannot begin to run.

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The firm will exit or leave the industry as its not making any profits.

<h3><u>CALCULATION OF THE PROFITS</u></h3>

According to the Question,

The firm produces at P = MC

Where we know,

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P = $4.78

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Profit = ( P - ATC ) × Q

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The profit is - 108.9 dollars per minute.

As the firm in the industry is making losses ( a negative profit ) so it  will exit the industry in the long run.

To know more about competitive firms, check the given link.

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2 years ago
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Answer:

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Explanation:

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The firm is selling 200 units of output.  

The price of each unit of output is $3.  

In a perfectly competitive market, a single firm faces a horizontal line demand curve. This horizontal line represents demand, price line, average revenue, and marginal revenue.  

So if the price is $3, it implies that the marginal revenue and average revenue is also equal to $3.  

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3 years ago
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Answer:

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Answer

The answer and procedures of the exercise are attached in the following archives.

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