In Which of the Situations Below Will a Taxpayer Not

question 104

Multiple Choice

In which of the situations below will a taxpayer not be assessed interest on the tax remitted?

• A) The return is audited and additional tax is owed.
• B) An extension is obtained and the tax is paid within the extension period.
• C) A timely return is filed but the taxpayer must delay payment of the taxes.
• D) None of the above situations.

---

Definitions:

Completed Gifts

Gifts that have fully satisfied legal requirements to be considered given, typically including the donor's intent to give, delivery of the gift to the donee, and acceptance of the gift.

Revoked

Withdrawn, cancelled, or annulled, often referring to the withdrawal of an offer, license, or privilege.

Personal Property

All movable property that is not classified as real estate, including vehicles, furniture, and intellectual property.

Bailment

A legal relationship in common law where physical possession of personal property, or chattel, is transferred from one person (the 'bailor') to another (the 'bailee') who subsequently holds possession of the property under a certain agreement.