Indicate whether the following statements are true or false by circling the appropriate letter.

T F 1. The general statute of limitations for a tax return is 3 years.

T F 2. The statute of limitations for a bad debt deduction on a tax return is 6 years.

T F 3. The statute of limitations for a fraudulent tax return is 7 years.

T F 4. The special statute of limitations for a tax return that omits income greater than 25 percent of gross income is 6 years.

T F 5. For the deduction of worthless securities, the statute of limitations is 7 years.