2) describe the various types of audits. 8) do taxpayers face only monetary fines or can they be sentenced to jail? 18) beta company, the sole proprietorship, anticipates $800,000 of taxable income for the year before considering additional projects. What marginal tax rate should I use in evaluating a project that may generate $200,000 of additional income? 22) what is the difference between primary authority and secondary authority? 24) what is a tax service? 28) In the citation REG. 1.247-3, what do the one and the 247 indicate? 38) Adam play elses tax return on April 15 and his tax return shows that he owes $3000. Due to some bad planning, Adam could not pay his taxes and filing his tax return. Adam finally made his payment in full on July 10. What is the late payment penalty that Adam will be assessed? 44) Cynthia and Howard, married taxpayers filing a joint return, have $100,000 in taxable income in 2019. They have four children ages 4 through 12 who have no income that is taxable. If they can legally shift $2000 in taxable income to each child, how much does the family save in taxes.
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