Question

Mr. and Mrs. Lear filed their 2013 Form 1040 on April 1, 2014. On November 11, 2015, they received a notice of deficiency in which the IRS assessed $19,044 of additional 2013 income tax. Compute the amount that the Lears owe the federal government assuming:
a. The federal annual interest rate throughout the 18-month period between April 15, 2014, and the assessment date was 3 percent per annum. Ignore the effect of interest compounding.
b. The IRS agent who audited the return imposed a negligence penalty on the entire deficiency.
c. The IRS agent who audited the return imposed a civil fraud penalty on the entire deficiency.


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  • CreatedNovember 03, 2015
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