Egolf Corporation failed to include $300,000 of taxable interest income on its 2016 calendar year Form 1120.
Question:
Egolf Corporation failed to include $300,000 of taxable interest income on its 2016 calendar year Form 1120. The gross income reported on the return was $4.7 million, and the return was filed on February 20, 2017.
a. What is the last day on which the IRS may assess additional tax for Egolf’s 2016 taxable year?
b. How would your answer change if Egolf’s gross income reported on the 2016 return was only $1 million?
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a Because the 300000 omitted income is less than 117...View the full answer
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2017
ISBN: 9781259753015
20th Edition
Authors: Sally M. Jones, Shelley C. Rhoades Catanach, Sandra R. Callaghan
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