Pierre recently received a tax penalty for failing to file a tax return. He was upset to
Question:
Pierre recently received a tax penalty for failing to file a tax return. He was upset to receive the penalty, but he was comforted by the thought that he will get a tax deduction for paying the penalty. Use an available tax research service to determine if Pierre is correct.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
IRC Sec 162f states that no deduction is allowed f...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Essentials Of Federal Taxation 2018
ISBN: 9781260007640
9th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Question Posted:
Students also viewed these Business Law questions
-
Describe the consequences for failing to file a tax return and for paying tax owed late.
-
Research indicates that paying students to improve their grades simply does not work (Fryer, 2011). However, paying students for specific tasks such as reading books, attending class, or doing...
-
Use an online tax service (e. g., Checkpoint, LexisNexis, CCH IntelliConnect) to locate the following Code sections. What other Code sections reference each of the sections you found? State which...
-
Debbie plans to buy a house for cash instead of paying a mortgage. She is willing to set aside $12 000 at the end of each year for 15 years. She puts her savings in a Tax Free Savings Account (TFSA)...
-
Charge is placed on two conducting spheres that are very far apart and connected by a long thin wire (Figure). The larger sphere has a diameter twice that of the smaller. Which sphere has the largest...
-
Which type of self-driving vehicles are likely to have the most disruptive effect on jobs, and why?
-
Let the balance sheet of the bank be described by L + R + T = D + E, where L is the stock of loans, R is the reserves, T is the stock of liquid assets, D is the deposits and E is the equity capital....
-
(a) Estimate whether the following pairs of scores for X and Y reflect a positive relationship, a negative relationship, or no relationship. Hint: Note any tendency for pairs of X and Y scores to...
-
Fluid mechanics NUMERICAL PROBLEMS (4 X 3 = 12 Points) Q1. An oil flows through 50.0 m of cast iron pipe having a diameter of 0.25 m. If the volumetric flow is 0.40 m^3/s, determine the head loss in...
-
Joan Taylor, the administrator of Life-Time Insurance Company, which is based in Buffalo, New York, was charged with establishing a health maintenance organization (HMO) satellite clinic in Austin,...
-
Katie recently won a ceramic dalmatian valued at $800 on a television game show. She questions whether this prize is taxable since it was a "gift" she won on the show. Use an available tax research...
-
Paris was happy to provide a contribution to her friend Nicole's campaign for mayor, especially after she learned that charitable contributions are tax deductible. a. Use an available tax service to...
-
The ocean near Hawaii is 20C near the surface and 5C at some depth. A power plant based on this temperature difference is being planned. How large an efficiency could it have? If the two heat...
-
1. You are an instructor who is having difficulty with students who do not want to work on a group project. Students complain others are not working equally or that they do not like certain people....
-
In Skellig, when and how did reader find out that Skellig might be able to help Michael's baby sister? What do Skellig did when he disappeared from the tower?and who or what Skellig really was?
-
Discuss two major reasons why journalists need to be sensitive while covering crime, those accused of crime and victims. Consider the effect coverage has on your audience and the community at large.
-
Does the plot of the opera reflect the ideals of the Romantic period? Why?
-
Ms. Kraft owns 50,000 shares of the common stock of Copperhead Corporation with a market value of $2 per share, or $100,000 overall. The company is currently financed as follows: Copperhead now...
-
What is the purpose of external style sheets?
-
In Exercises find dy/dx by implicit differentiation. xy - y = x
-
Using the facts in the previous problem, if Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead,...
-
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how...
-
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how...
-
Durco Automotive needs a $2 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much to deposit now into Durco's high-yield investment...
-
3. Create a chart for gross margin less R&D and capital costs calculations. a. Calculate gross margin less R&D and capital costs for options A and B. b. Graph total gross margin less R&D and capital...
-
Why was Thomas Paine's "common sense" article significant to the american revolution?
Study smarter with the SolutionInn App