Mrs Fugate, who is divorced, failed to include $28,000 alimony on her 2014 Form 1040 The only income she reported was her $78,000 salary She led her return on January 19, 2015 a What is the last date on which the IRS can assess additional tax for 2014 b Would your answer change if Mrs Fugate also r...

a The 28000 omitted income exceeds 19500 25 78000 gross income reported on Mrs Fugates retur ...

Mrs. Fugate, who is divorced, failed to include $28,000 alimony on her 2014 Form 1040. The only

Question:

Mrs. Fugate, who is divorced, failed to include $28,000 alimony on her 2014 Form 1040. The only income she reported was her $78,000 salary. She ﬁled her return on January 19, 2015.
a. What is the last date on which the IRS can assess additional tax for 2014?
b. Would your answer change if Mrs. Fugate also reported $37,500 income on her Form 1040?
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...