16 Isaiah files his 2022 tax return on 9/25/2023 but never filed an extension. Isaiah owes tax of $20,000 which is the balance of the tax owed. Disregarding the interest element, David's total combined failure to file and to pay penalties are: $5,500 $5,000 $6,000 $5,600 QUESTION 17 Paul and Jamie are married. Paul wants to make gifts to their three married children and their spouses plus two grandchildren in 2022. What is the maximum total amount they can give by using gift splitting without using any of their unified transfer tax credit? $120,000. $128,000. $240,000. $256,000. QUESTION 18 Teal company is an accrual basis taxpayer. On December 1, 2022, a customer paid for an item that was on hand, but the customer wanted the item delivered in early January 2023. Teal delivered the item on January 4, 2023. Teal included the sale in its 2022 income for financial accounting purposes. Which of the following is correct for recognizing the income for tax? Teal must recognize the income in 2022 because that's when it was recognized for accounting purposes. Teal must recognize the income in the year title to the goods passed to the customer, as determined under the state laws in which the store is located. Teal can elect to recognize the income in either 2022 or 2023, regardless of when they recognized the income for financial statement purposes. Teal must recognize the income in 2023