Sandy had the following items on her timely filed 2018 income tax return: Sandy inadvertently omitted some

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Sandy had the following items on her timely filed 2018 income tax return:

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Sandy inadvertently omitted some income on her 2018 return. What is the statute of limitations if she omitted $100,000 of income on the return? re if she omitted $120,000 of income?

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 18, 2024 06:31 AM

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Sandy had the following items on her timely filed 2018 income tax return: Sandy inadvertently omitted some

Question:

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

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ANSWER The statute of limitations for the IRS to assess additional taxes depends on the amount of in...View the full answer

CCH Federal Taxation Basic Principles 2020

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