Sandy had the following items on her timely filed 2017 income tax return: Sandy inadvertently omitted some

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Sandy had the following items on her timely filed 2017 income tax return:

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Sandy inadvertently omitted some income on her 2017 return. What is the statute of limitations if she omitted $\$ 100,000$ of income on the return? What if she omitted $\$ 120,000$ of income?

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CCH Federal Taxation 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 27, 2024 04:00 AM

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Sandy had the following items on her timely filed 2017 income tax return: Sandy inadvertently omitted some

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Gross receipts Cost of goods sold Capital gain Capital loss $400,000 ($300,000) $20,000 ($30,000)

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The statute of limitations for the IRS to assess additional taxes generally is three years from the ...View the full answer

CCH Federal Taxation 2019 Comprehensive Topics

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