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Author Question: Peyton has adjusted gross income of $2,000,000 on his 2016 tax return, filed April 15, 2017, the due ... (Read 41 times)

biggirl4568

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on: Sep 13, 2020

Question 1

Latashia reports $100,000 of gross income on her 2016 tax return, filed on the April 15, 2017 due date. She omits $30,000 of income, but the error was not fraudulent. When does the statute of limitations for examining her tax return expire?
◦ April 15, 2019
◦ April 15, 2020
◦ April 15, 2023
◦ It never expires.

Question 2

Peyton has adjusted gross income of $2,000,000 on his 2016 tax return, filed April 15, 2017, the due date. He accidentally failed to include $200,000 that he received for a television advertisement. How long does the IRS have to audit Peyton's federal tax return?
◦ until April 15, 2019
◦ until April 15, 2020
◦ until April 15, 2023
◦ The IRS can audit Peyton's return at any future date.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by biggirl4568 on Sep 13, 2020

irishcancer18

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Reply #1 on: Sep 13, 2020
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biggirl4568

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

cam1229

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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