Pablo, a bachelor, owes $80,000 of additional taxes, all due to fraud. What is the amount of the civil fraud penalty? What criminal fraud penalty might be imposed under Sec. 7201?
What will be an ideal response?
a) The civil fraud penalty is $60,000 (0.75 × $80,000).
b) Under Sec. 7201, the fine could be as high as $100,000. In addition, Luis could receive a prison sentence of as long as five years.
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The new federal sentencing guidelines implemented as part of Sarbanes-Oxley:
A. assign specific oversight responsibilities to directors. B. call for special committees of the board to be assigned similar functions. C. apply sanctions to both individual board members as well as the corporation itself. D. are designed to give the management immunity.
The term ________ refers to a defense that says a person who is injured by a defective product but has been negligent and is partially responsible for his or her own injuries cannot recover from the defendant
A) contributory negligence B) negligence per se C) assumption of risk D) comparative negligence
A well-designed ecommerce Web site will make up for any other features that the site is lacking
Indicate whether the statement is true or false
On April 2 of the current year, Jana transfers land with a basis of $140,000 and a fair market value of $120,000 to Amish Corporation in exchange for all of its stock. She had originally acquired the land on December 1, 2002. What tax issues arise from the exchange?
What will be an ideal response?