Sandy had the following items on her timely filed 2017 income tax return:

Sandy inadvertently omitted some income on her 2017 return. What is the statute of limitations if she omitted \(\$ 100,000\) of income on the return? What if she omitted \(\$ 120,000\) of income?

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Gross receipts Cost of goods sold Capital gain Capital loss $400,000 ($300,000) $20,000 ($30,000)