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18-21 (Static) [LO 18-1, 18-5] Mr. Leon filed his 2019 Form 1040 on March 29, 2020. In 2022, the IRS issued a notice of deficiency
18-21 (Static) [LO 18-1, 18-5] Mr. Leon filed his 2019 Form 1040 on March 29, 2020. In 2022, the IRS issued a notice of deficiency to Mr. Leon. In which it assessed $7.700 of additional 2019 income tax. Required: a. Compute the total amount that Mr. Leon owes to the federal government assuming the annual interest rate (underpayment rate) throughout the 24-month period between the required filing date and the payment date was 4 percent. Ignore the effect of interest compounding. b. Compute the total amount that Mr. Leon owes to the federal government assuming the IRS imposed an accuracy-related penalty on the entire deficiency. c. Compute the total amount that Mr. Leon owes to the federal government assuming the IRS imposed a civil fraud penalty on the entire deficiency. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the total amount that Mr. Leon owes to the federal government assuming the annual interest rate (underpayment rate) throughout the 24-month period between the required filing date and the payment date was 4 percent. Ignore the effect of interest compounding. Amount due to the federal government Required A Required B >
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