Solved: What is the period that the government-paid interest runs, Accounting Basics

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What is the period that the government-paid interest runs

Question: On April 3,2015, Luis filed his 2014 income tax return, which showed a tax due of $75,000. On June 1, 2017, he filed an amended return for 2014 that showed an additional tax of $10,000. Luis paid the additional amount. On May 18,2018, Luis filed a claim for a 2014 refund of $25,000.

a. If Luis's claim for a refund is correct in amount, how much tax will he recover?

b. What is the period that the government-paid interest runs with respect to Luis's claim for a refund?

c. How would you have advised him differently?

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