User Account

All Pages

What is the period that government-paid interest runs

Assignment Help Accounting Basics
Reference no: EM132650783

Problem - On April 3, 2017, Luis filed his 2016 income tax return, which showed a tax due of $75,000. On June 1, 2019, he filed an amended return for 2016 that showed an additional tax of $10,000. Luis paid the additional amount. On May 18, 2020, Luis filed a claim for a 2016 refund of $25,000.

Required -

a. If Luis's claim for a refund is correct in amount, how much tax will he recover?

b. What is the period that government-paid interest runs with respect to Luis's claim for a refund?

c. How would you have advised him differently?

Reference no: EM132650783

Questions Cloud

Who may represent him before the IRS at the agent level : In the event Rod is audited and all three returns are examined, who may represent him before the IRS at the agent level
What is the payback period for actol ltd : The annual cash flows are expected to increase by $150,000 per year. The machine has an eight-year useful life. What is the payback period?
The signers of declaration of independence : What do you think the signers of the Declaration of Independence and the U.S. Constitution thought about the separation of church and state
Describe the two forms of request for receivables : Describe the two forms of request for receivables confirmation and indicate the factors that Jones should consider when determining when to use each.
What is the period that government-paid interest runs : On June 1, 2019, he filed an amended return for 2016 that showed an additional tax of $10,000. What is the period that government-paid interest runs
What should be additional annual investments peter make : Retirement planning, What should be additional annual investments Peter has to make in order to accumulate the necessary saving for retirement?
Race-ethnicity-sex and gender : Describe the effects that the statistical information on a specific race or ethnicity in the areas of health, crime, employment,
Comment on the logic of the calculation test : An assistant auditor was instructed, Comment on the logic of this calculation test or classification of receivables aging, and if it is appropriate
How much will the IRS assess in taxes and penalties : How much will the IRS assess in taxes and penalties in this matter and from whom? How can you as a tax professional best offer service to Jacquie

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd