Mr and Mrs

question 54

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, 2012?
b. Assuming that the Latts make a timely application, what is the extended due date for the return?

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Definitions:

Negative Income Tax

A proposed system of social security that guarantees a minimum income to all, where those earning below a certain amount receive supplemental pay from the government instead of paying taxes.

Income Subsidy

An income subsidy is a government-provided financial assistance program intended to boost an individual's income to a level sufficient for meeting basic living standards.

Negative Income Tax

A program where the government provides additional income to those who earn under a specific threshold, rather than collecting taxes from them.

Tax Liability

Tax liability is the total amount of tax that an individual or organization is legally obligated to pay to a taxing authority based on earnings, property ownership, or other taxable conditions.