Discussion Question 26-11 (LO. 7)

Discuss the concept of statutes of limitations in the context of the Federal income tax law.

a. Regarding who benefits when a statute applies, select either "True" or "False" for each statement below.

	Because of the passage of time, in general, any tax that is imposed must be assessed within one year of the later of (a) the filing of the return or (b) the unextended due date of the return.
	The statute of limitations may be extended for a fixed period of time by mutual consent. This is often the case of corporate taxpayers.
	In cases where the taxpayer is financially disabled, the statute of limitations can be suspended.