Problem 12-6 Interest and Penalties (LO 12.3) For each of the following situations, select the...
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Accounting
Problem 12-6 Interest and Penalties (LO 12.3) For each of the following situations, select the nature of the penalty and calculate the amount that could be imposed. Description of the Penalty Penalty Amount Filing a frivolous tax return a. Larry is a tax protester and files his tax return in the name of "Mickey Mouse." Bad check b. Anne writes a check for $900 in payment of her taxes that she knows will not clear the bank due to insufficient funds in her account. C. Accuracy-related penalty, substantial understatement $ Gerald understated his tax liability by $10,000. The total amount of tax that should have been shown on his return was $70,000
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