Question: David accidentally omitted from his 2016 tax return $40,000 of the gross receipts that he collected as the owner of a restaurant. His 2016 return

David accidentally omitted from his 2016 tax return $40,000 of the gross receipts that he collected as the owner of a restaurant. His 2016 return indicated collective gross receipts of $25,000. The IRS no longer can pursue David with the threat of collection of the related tax, interest, and penalties, as of April 15 of what year?

a. 2018

b. 2021

c. 2023

d. 2024

e. There is no expiration date for the statute of limitations in this context.

Step by Step Solution

★★★★★

3.44 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

c 2023 Explanation The period in which a tax may be assessed is extended to six years if the ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1262-L-B-L-T-L(8087).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

At times, you will be asked to give or prepare presentations, whether for client conferences, internal meetings, seminars, or court proceedings. Familiarity with how to assemble presentation...

Carl purposely omitted from his 2014 tax return $ 40,000 of the gross receipts that he collected as the owner of a restaurant. His 2014 return indicated collective gross receipts of $ 25,000. The IRS...

Carl purposely omitted from his 2017 tax return $40,000 of the gross receipts that he collected as the owner of a restaurant. His 2017 return indicated collective gross receipts of $25,000. The IRS...

Alison accidentally omitted $40,000 of gross income from the restaurant she owned on her 2015 tax return. The return showed gross income of $150,000 when filed on October 15, 2016. When can the IRS...

David accidentally omitted from his 2019 tax return $40,000 of the gross receipts that he collected as the owner of a restaurant. His 2019 return indicated collective gross receipts of $25,000. The...

. David accidentally omitted from his 2 0 2 2 tax return $ 4 0 , 0 0 0 of the gross receipts that he collected as the owner of a restaurant. His 2 0 2 2 return indicated collective gross receipts of...

8. Michal accidentally omitted from her 2016 tax return $4,000 of gross receipts she collected as the owner of a restaurant. Her 2016 return indicated collective gross receipts of $35,000. The IRS no...

Michal accidentally omitted from her 2012 tax return $ 4,000 of gross receipts she collected as the owner of a restaurant. Her 2012 return indicated collective gross receipts of $ 35,000. The IRS no...

16. Mike accidentally omitted from his 2008 tax return $4,000 of gross receipts she collected as the owner of a restaurant. His 2008 return indicated collective gross receipts of $35,000. The IRS no...

15. Diane accidentally omitted from her 2008 tax return $40,000 of the gross receipts that she collected as the owner of a restaurant. Her 2008 return indicated collective gross receipts of $25,000....

Michal accidentally omitted from her 2019 tax return $4,000 of gross receipts she collected as the owner of a restaurant. Her 2019 return indicated collective gross receipts of $35,000. The IRS no...

Suppose we are interested in finding the left tail probability for a random variable, X. That is, we want to find Pr (X xo). Rederive an expression for the Chernoff bound for the left tail...

Early studies of the economic convergence hypothesis, which looked at data for a group of currently industrialized countries, found that those that were relatively poor a century ago subsequently...

What are complementary user entity controls ( CUEC ' s ) in the context of a SOC 1 engagement? Controls that management of the service organization assumes, in the design of the service...

The bookkeeper for Packard's Country Music Bar left this incomplete balance sheet. Packard's working capital is $90,000 and its debt to assets ratio is 40 percent. Assets Current assets Cash...

Levi Strauss & Co. manufactures slacks and jeans under a variety of brand names, such as Dockers and 501 Jeans. Slacks and jeans are assembled by a variety of different sewing operations. Assume that...

Anticipated sales for Safety Grip Company were 42,000 passenger car tires and 19,000 truck tires. Rubber and steel belts are used in producing passenger car and truck tires as follows: Passenger Car...

The following percentages apply to Thornton Company for 2018 and 2019: ___________________________________________2019 2018 Sales............................................................

Romano's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for September: ___________________________________ Units...

Analyze the circular fl ow model.

Read and brief the following cases: a. Willie Nelson Music Co., 85 T. C. 914 b. Independent Contracts, Inc., 73 AFTR2d 94-1406

Read and brief the following cases: a. Gregory v. Helvering, 55 S. Ct. 266 (1935) b. Hunt, T. C. Memo. 1965-172

Read and brief the following cases: a. Fulcher, Douglas R., T. C. Summary Opinion 2003-157 b. The Boeing Company and Consolidated Subs., 91 AFTR2d 2003-1088 (123 S. Ct. 1099)

Problem 8-14 Problems with Profitability Index [LO 4, 6] The Michner Corporation is trying to choose between the following two mutually exclusive design projects: a-1. If the required retum is 14...

Based on the cash flow predictions of the given project below, what is the project's profitability index? (required rate of return = 6%) Years Cash Flows 0 -60,000 11 12,000 55,000 3 26,000 Select...

Assume that a business has an EBIT of $10 million, interest expense of $2 million, and depreciation expense of $1 million. Furthermore, its market multiple based on EBITDA as the value proxy is 6.5....