MrAnd MrsReece Couldn't Complete Their 2017 Form 1040 Before April 15,2018

question 71

Multiple Choice

Mr.and Mrs.Reece couldn't complete their 2017 Form 1040 before April 15,2018.They estimate that they will have a $700 balance of tax due with the return.Which of the following statement is true?

• A)If the Reeces fail to file their return by April 15,they may opt to request an extension but still will owe penalties to the IRS.
• B)The Reeces can file an extension request by April 15 to extend the tax payment and filing date for six months without penalty.
• C)The Reeces can file an extension request by April 15 to extend the filing date for six months without penalty.They must pay the $700 estimated balance of tax due with the extension request.
• D)None of the above is true.

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Definitions:

Critical Part

A component or element within a system or machine that is essential for its operation or performance.

Commercial Airline Seats

The seats available for passengers on commercial aircraft, varying in comfort and amenities across different classes such as economy, business, or first class.

Standard Machine-Hours

A predetermined measure of how many hours machinery should be operated to meet production goals, used for planning and efficiency analysis.

Variable Overhead Rate Variance

The difference between the actual variable overhead costs incurred and the standard cost of the variable overhead that should have been incurred based on the actual activity level.