Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rivera underpaid her income tax by $45,000. the ir

Rivera underpaid her income tax by $45,000. The IRS can prove that $40,000 of the...

80.2K

Verified Solution

Question

Accounting

Rivera underpaid her income tax by $45,000. The IRS can prove that $40,000 of the underpayment was due to fraud.

a. Determine Rivera's civil fraud penalty.

b. Rivera pays the penalty five years after committing the fraudulent act. Compute the present value of Rivera's penalty. Assume her after-tax rate of return on available cash is 9%. The present value factor for 5 years and 9% is 0.6499.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

A sample dataset with 25 values was randomly generated from a normally distributed random variable with a...

Medical Sciences
1.2K views

Describe how ventilation is regulated by six different neural (sensory and autorhythmic), chemical, and higher brain (conscious/emotional)...

Biology
1.2K views

explain how an action potential is generated in a nerve cell. be sure to incorporate and...

Geometry
1.2K views

Suppose a Healthy Handwashing Survey is conducted and it was found that 56 of adult...

Calculus
1.2K views

Here is a graph of the function f 5 3 2 2 3 2 3...

Accounting
1.2K views

) Assets that qualify for interest cost capitalization include companys own sed A) assets under...

Accounting
1.2K views

Las unidades equivalentes nunca pueden exceder las unidades totales. Verdadero o falso?

Accounting
1.2K views

The following list includes selected permanent accounts and all of the temporary accounts from the...

Accounting
1.2K views

current year, Emma, Cody, and Sonia form Partnership X, a general partnership. Each contributes the...

Accounting
1.2K views

Hi-T Company uses the weighted average method of process costing. Information for the company's first...

Accounting
1.2K views

Futuristic Analytics Inc. reports the following cost information for the period, utilizing normal costing and...

Accounting
1.2K views

Samsung is a leading global manufacturer that competes with Apple and Google. Key financial figures...