Question
Mrs. Fugate failed to include $29,700 lottery winnings on her 2020 form 1040. The only gross income she reported was her $82,600 salary. She filed
Mrs. Fugate failed to include $29,700 lottery winnings on her 2020 form 1040. The only gross income she reported was her $82,600 salary. She filed her return on January 19, 2021.
Required:
- What is the last date on which the IRS can assess additional tax for 2020?
- Assume Mrs. Fugate also reported $37,600 in dividend income. What is the last date on which the IRS can assess additional tax for 2020?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
