Question: Diane accidentally omitted from her 2012 tax return $ 40,000 of the gross receipts that she collected as the owner of a restaurant. Her 2012

Diane accidentally omitted from her 2012 tax return $ 40,000 of the gross receipts that she collected as the owner of a restaurant. Her 2012 return indicated collective gross receipts of $ 25,000. The IRS no longer can pursue Diane with the threat of collection of the related tax, interest, and penalties, as of April 15, ___
a. 2014
b. 2017
c. 2019
d. 2020
e. There is no expiration date for the statute of limitations in this context.

Step by Step Solution

3.44 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

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

blur-text-image
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)

Word file Icon

584-L-B-L-T-L (1555).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!