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