46, Ron mailed his 2016 federal tax return on April 15, 2017, attaching only a first-class postage stamp. However, the postage should have been higher since the return weighed three ounces. His return is sent back to him on April 22, 2017, at which time he pays the additional postage. Will Ron be required to pay a delinquency penalty? 47, Karen engaged Joe, a CPA, to prepare her tax return. Karen received a refund check of $300 from the IRS. She endorsed the check and mailed it to Joe as payment for the preparation of her return. Joe took the check to his bank and deposited the amount in his bank account. Describe the possible consequences of this situation. 48. Jim, a retail merchant, reported the following on his 2016 return: Sales Cost of goods sold Gross proft $200,000 $80,000 $120,000 What amount must be omitted from income for the six-year statute of limitations to apply