Question

QUESTION 26 When X prepared his tax return for the prior year on April 15 of this year, he was surprised to learn that he had a $1,000 refund. He promptly forgot to file the return or an extension. Eight months later on December 15 he filed the return. Will X face any penalties as a result of filing the late retur? Will X receive the $1,000 refund? Please explain your answers. TTT Artal 3(12pt)

Answer 1

Solution

Question 26 If anyone who owed a refund in such case there is no penelty imposed on late filling of return . But IRS will not grant refund until the return is submitted . Anyone having refund due must file return within three years of original deadline to claim refund otherwise the person shall lose right to receive refund .

NO penelty shall be imposed on X and after filling return refund shall be granted to him .

Question 27 Answer to the question is True .

The tax rates on US resident corporation is 21% .

Question 28 Answer to the problem is - When j sign the contract .

According to accrual system of accounting income is reported when transection take place and sale shall be reported at the time of signing the aggrement and profit shall be generated at the same time .

Question 29 As B is bachelor his filing status shall be of single .

In order to Claim father as dependent

1. Father must not have gross yearly income of $ 4200

2. Someone else had not claimed him as depandent .

If the above two condition get satisfied Fasther can be claimed as deduction .

As nothing is mentioned it seems father can not be claimed as dependent .

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