Mr and Mrs

question 39

Essay

Mr. and Mrs. Latt use a fiscal year ending October 31 as the taxable year for filing their joint Form 1040.
a. What is the last date on which the Latts can apply for an automatic extension of time to file their return for fiscal year ending October 31, 2016?
b. Assuming that the Latts make a timely application, what is the extended due date for the return?

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Definitions:

Consolidated Financial Statements

Financial documents that represent the combined operations of a parent company and its subsidiaries, showing the financial health of the entire corporate group.

Market Values

The current price at which an asset or service can be bought or sold in a competitive marketplace.

Unrealized Holding Gain

A profit that exists on paper resulting from an investment that has increased in value but has not yet been sold.

Trading Securities

Securities that a company holds with the intent to sell them in the short term to profit from price changes.