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Illustrate what is, most likely, the tax bill (excluding interest on underpayments but including penalties other than the underpayment penalty of IRC 6654; assume that Mr. Upstanding met the safe harbor exception to the underpayment penalty by paying in 110% of his prior year tax as estimated payments). Assume a marginal income tax rate of 28%, that the Service sends a Notice and Demand for Payment with a date of August 31, 2010, and that Mr. Upstanding did not pay the assessment until October 30, 2010?

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Financial Accounting, Accounting

Category:- Financial Accounting
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