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During the audit of Mr. and Mrs. Jessel's 2012 and 2013 tax returns, the revenue agent learned that they kept two sets of books for their sole proprietorship. A comparison of the two revealed that Mr. and Mrs. Jessel earned over $80,000 unreported income. The tax deficiency on the unreported income was $32,000.
a. Compute the civil fraud penalty the IRS may impose.
b. Describe the procedural steps the IRS must take to charge the couple with criminal fraud.
c. Why might the IRS decide to impose a civil fraud penalty on Mr. and Mrs. Jessel but not charge them with criminal fraud?
Assume that the average firm in your company's industry is expected to grow at a constant rate of 6% and that its dividend yield is 7%. After Year 2, divdend growth will be constant at 6%. What is the required rate of return on your company's stock? ..
Valley Flights, Inc. has a capital structure made up of 40% debt and 60% equity and a tax rate of 30%. A new issue of $1,000 par bonds maturing in 20 years can be issued with a coupon of 9% at a price of $1,098.18 with no flotation costs. Flotation c..
XYZ stock price and dividend history are as follows: Year Beginning-of-Year Price Dividend Paid at Year-End 2010 $ 125 $ 2 2011 $ 141 $ 2 2012 $ 120 $ 2 2013 $ 125 $ 2. Prepare a chart of cash flows for the four dates corresponding to the turns of th..
The lack of historical data makes it difficult to create a forecast and budget for a new company. Class, how many years of historical sales data do you think are necessary in order to create an accurate forecast of sales? Explain.
Which one of the following will tend to decrease the length of time a company will extend credit?
A group of medical professionals is considering the construction of a private clinic. If the medical demand is high (i.e., there is a favorable market for the clinic), the physicians could realize a net profit of $100,000. If the market is not favora..
How might financial managers budget for unforeseen changes and improvements in information technology that require large capital outlays
San Mateo Healthcare had an equity balance of $1.38 million at the beginning of the year. At the end of the year, its equity balance was $1.98 million. Assume that San Mateo is a not-for-profit organization. What was its net income for the period?
The Millers have recently experienced some unexpected expenses and had to make two consecutive withdrawals from their portfolio: $7500 on March 13, 2015 and another $11000 on the last day of March. What is the time-weighted return of their portfolio ..
Explain government financial reporting requirements Analyze financial statements and budgets to make appropriate administrative decisions and apply the budgets as a disciplinary process.
You are interested in an investment project that costs $40,000 initially. The investment has a 5-year horizon and promises future end-of-year cash inflows of $12,000, $12,500, $11,500, $9,000, $8,500 respectively. What is the NPV of the investment un..
If you take out a $9,000 car loan that calls for 48 monthly payments at an APR of 10%. What is your monthly payment? What is the effective annual interest rate on the loan?
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