Betty Hires Sam to Prepare Her Federal Income Tax Return

question 145

Multiple Choice

Betty hires Sam to prepare her federal income tax return.In preparing the return,Sam erroneously decided to exclude consulting fees because he estimated that Betty's expenses should have exceeded the income she received.If the IRS detects Betty's underpayment of tax,what is the likely result?
I.Betty is liable for payment of the tax due plus interest and a negligence penalty.
II.Sam is liable for payment of Betty's negligence penalty.Betty is liable for the payment of the tax due plus interest.
​

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct
• D)Neither statement is correct

Comprehend major theories of language acquisition including nativist, learning, and interactionist perspectives.

Learn about the impact of bilingualism on cognition and language skills.

Appreciate the importance of parent-child interaction in language development.

Understand the concept of metalinguistic awareness and its role in language development.

---

Definitions:

Government Intervention

The involvement by the government in the economy, with actions that can include regulations, subsidies, tariffs, and direct provision of goods and services.

Externalities

Costs or benefits arising from an economic activity that affect other parties who did not choose to incur that cost or benefit.

Prices

The amount of money required to purchase goods or services, serving as the consideration for the value of the goods or services being exchanged.

Supply and Demand

Supply and demand is a fundamental economic model that explains the interaction between the sellers of a resource and the buyers for that resource, determining its price and quantity in a market.