ACCT421-MD1DISC - Chapter 1 34. A. The key justification...

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Chapter 1 34. A. The key justification for a flat tax rate is simplicity. Our current graduated income tax system is very complicated. It also has extremely high compliancy and administrative costs that drain the reserves. Other benefits would be that the simplified flat tax would attempt to balance the tax gap and bring us closer to collecting the tax that should be paid. 34. B. The key obstacle to a flat tax is unknown ramifications to various special interests. When certain deductions are eliminated, such as charitable and mortgage interest, various groups and businesses could be harmed by the elimination of specific deductions. Another obstacle would be the unknown economic impact on a flat tax system. 40. A. Additional assessment of taxes could be applied until April 15 th 2012. B. Additional assessment of taxes could be applied until June 26 th 2012. C. Additional assessment of taxes could be applied until 3 years from the date of the filing the late return. D. Additional assessment of taxes could be applied until 3 years from the date of the filing the
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This note was uploaded on 10/16/2011 for the course ACCOUNTING 421 taught by Professor ?? during the Spring '10 term at Thomas Edison State.

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ACCT421-MD1DISC - Chapter 1 34. A. The key justification...

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