PRINCIPLES OF TAXATION F/BUS...(LL)
23rd Edition
ISBN: 9781260433197
Author: Jones
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 18, Problem 2AP
a.
To determine
Identify the last date for applying an automatic extension of time to file the return for fiscal year ending July 31, 2019.
b.
To determine
Identify the extended filing date for the return, if K makes a timely application.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Under the accrual basis, Professional Fees by Atty. Bruno for the year 2021 amounts to?
X file his annual ITR on February 2019. On May 2020, he received a notice of assessment from BIR for under payment of taxes. Thus, X file an amended ITR of 2018 due to notice from BIR. Decide.
a. X cannot file an amended ITR.
b. X may file an amended or answer the notice of assessment from BIR
c. X must file a new ITR and pay the correct taxes
d. X must file an appeal in court
e. None of the above
Indicate whether each of the following items is considered a for AGI, (above-the-line) deduction for the 2019 tax year. Assume divorce was executed on or before December 31, 2018 and not subsequently modified.
a. Student loan interest.unanswered
b. Gambling losses.unanswered
c. Early withdrawal penalty.unanswered
d. Child support payments.unanswered
e. Charitable contributions.unanswered
f. One-half of self-employment taxes.unanswered
g. Alimony.unanswered
h. Scholarships for tuition and books.unanswered
i. Moving expenses for service members.unanswered
j. Property taxes.unanswered
k. Self-employed health insurance premiums.unanswered
Chapter 18 Solutions
PRINCIPLES OF TAXATION F/BUS...(LL)
Ch. 18 - Prob. 1QPDCh. 18 - Prob. 2QPDCh. 18 - Prob. 3QPDCh. 18 - Prob. 4QPDCh. 18 - Prob. 5QPDCh. 18 - Prob. 6QPDCh. 18 - Prob. 7QPDCh. 18 - Prob. 8QPDCh. 18 - Prob. 9QPDCh. 18 - Prob. 10QPD
Ch. 18 - Prob. 11QPDCh. 18 - Prob. 12QPDCh. 18 - Prob. 13QPDCh. 18 - Prob. 14QPDCh. 18 - Prob. 1APCh. 18 - Prob. 2APCh. 18 - Prob. 3APCh. 18 - Prob. 4APCh. 18 - Prob. 5APCh. 18 - Prob. 6APCh. 18 - Prob. 7APCh. 18 - Prob. 8APCh. 18 - Prob. 9APCh. 18 - Prob. 10APCh. 18 - Prob. 11APCh. 18 - Prob. 12APCh. 18 - A revenue agent determined that Ms. Owen underpaid...Ch. 18 - Prob. 14APCh. 18 - Prob. 15APCh. 18 - Prob. 16APCh. 18 - Prob. 17APCh. 18 - Prob. 18APCh. 18 - Prob. 19APCh. 18 - Prob. 20APCh. 18 - Prob. 22APCh. 18 - Prob. 8IRPCh. 18 - Prob. 9IRPCh. 18 - Prob. 1RPCh. 18 - Prob. 2RPCh. 18 - Prob. 1TPCCh. 18 - Prob. 2TPC
Knowledge Booster
Similar questions
- Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental agreement, Shanna pays 8,400 rent on April 1, 2019, for the 12 months ending March 31, 2020. a. How much is Shannas deduction for rent expense in 2019? b. Assume the same facts, except that the 8,400 is for 24 months rent ending March 31, 2021. How much is Shannas deduction for rent expense in 2019?arrow_forwardShanna, a calendar year and cash basis taxpayer, rents property from Janice. As part of the rental agreement, Shanna pays $14,200 rent on April 1, 2019 for the 12 months ending March 31, 2020. Do not round any division. a. How much is Shanna's deduction for rent expense in 2019? b. Assume the same facts, except that the $14,200 is for 24 months rent ending March 31, 2021. How much is Shanna's deduction for rent expense in 2019?arrow_forward24. In 2020, Katrina filed her 2019 Form 1040. She mailed her extension on March 15 certified mail. The return receipt shows the IRS received it April 14. She mailed her return on October 1 certified mail. The return receipt shows the IRS received it October 21. Assume she filed a valid and true return. When was Katrina’s return filed? Select one: a. April 14 b. April 15 c. October 1 d. October 15 e. October 21arrow_forward
- Maryann filed her Income Tax Return for taxable year 2021 on May 2, 2022. After aninvestigation, it was discovered that the tax paid was deficient. The last day for the BIR to sendan assessment is?arrow_forwardMr. and Mrs. Jones files a joint return and have an AMTI of 1,150,000 in 2019. What is the AMT exemption for Mr. and Mrs. Jones?arrow_forwardIndicate whether each of the following items is considered a for AGI, (above-the-line) deduction for the 2019 tax year. Assume divorce was executed on or before December 31, 2018 and not subsequently modified. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.) a. Student loan interest.unanswered b. Gambling losses.unanswered c. Early withdrawal penalty.unanswered d. Child support payments.unanswered e. Charitable contributions.unanswered f. One-half of self-employment taxes.unanswered g. Alimony.unanswered h. Scholarships for tuition and books.unanswered i. Moving expenses for service members.unanswered j. Property taxes.unanswered k. Self-employed health insurance premiums.unansweredarrow_forward
- Your standard deduction will be $12,400 in 2020 if you are: a. A married individual filing a separate return and your spouse itemizes his deductions. b. Single and 67 years old. c. A nonresident alien. d. Single, 27 years old, and blind. e. Single and 45 years old.arrow_forwardThe Keppners file a joint income tax return. Assume the taxable year is 2022. Required: a. Compute their standard deduction assuming that Mr. Keppner is age 68, and Ms. Keppner is age 60. b. Compute their standard deduction assuming that Mr. Keppner is age 70, and Ms. Keppner is age 68. c. Compute their standard deduction assuming that Mr. Keppner is age 70, and Ms. Keppner is age 68 and legally blind.arrow_forward: Ali and Ali enterprise filed the return on June 30th 2019. The entity applies for the special tax year i.e. from January to December. The FBR has approved the special tax year and instructed Ali and Ali to apply for the tax return of three months. Is it correct? If not, then specify the reasonarrow_forward
- Anna paid her income tax on June 20, 2019. She filed a claim for refund on May 2, 2020and received the Commissioner’s decision denying her claim on May 31, 2021 1) suppose the two period is about to lapse but she has not yet received the Commissioner’s decision on her claim what action should be taken by Anna?arrow_forwardNorman Foster filed his 2021 income tax return as was required on June 15, 2022. His Notice of Assessment dated August 28, 2022, indicated that his 2021 income tax return was accepted as filed. On March 15, 2023, he receives a Notice of Reassessment dated March 8, 2023 indicating that he owes additional income tax, as well as interest on the unpaid amounts. What is the latest date for filing a notice of objection for this reassessment? Explain your answer.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT