MrAnd MrsChung Filed Their Unextended 2018 Form 1040 on May 30,2019,and

question 72

Multiple Choice

Mr.and Mrs.Chung filed their unextended 2018 Form 1040 on May 30,2019,and had no reasonable cause for the delinquency.The return showed a $10,479 balance of tax due.Compute the Chungs' late-filing and late-payment penalty.

• A)$524
• B)$1,048
• C)$2,620
• D)None of the above

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Definitions:

Value-Chain Analysis

A strategic analytical tool used for identifying the primary and support activities of a business that add value to its final product and then analyzing these activities to reduce costs or increase differentiation.

Location Decisions

The process of selecting a place for conducting business, considering factors like cost, access to suppliers, distribution channels, and customer interaction.

Process Innovation

The act of implementing new or significantly improved production or delivery methods, aiming to improve efficiency or quality.

Competitive Advantage

The unique attributes or capabilities that allow an organization to outperform its competitors.