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Loraine (a calendar year taxpayer) reported the following transactions, all of which were properly included in a timely filed return. Presuming the absence of fraud,

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Loraine (a calendar year taxpayer) reported the following transactions, all of which were properly included in a timely filed return. Presuming the absence of fraud, how much of an omission from gross income is required before the six-year statute of limitations applies? Would it matter if cost of sales had been inadvertently overstated by $150,000? How does the situation change in the context of fraud by Loraine

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