Egolf Corporation failed to include $300,000 of taxable interest income on its 2022 calendar year Form 1120.

Question:

Egolf Corporation failed to include $300,000 of taxable interest income on its 2022 calendar year Form 1120. The gross income reported on the return was $4.7 million, and the return was filed on February 20, 2023.

a. What is the last day on which the IRS may assess additional tax for Egolf’s 2022 taxable year?

b. How would your answer change if Egolf’s gross income reported on the 2022 return was only $1 million?

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Principles Of Taxation For Business And Investment Planning 2024

ISBN: 9781266838750

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Authors: Sally Jones, Shelley Rhoades-Catanach, Sandra Callaghan, Thomas Kubick

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Question Posted: Aug 19, 2023 12:57 AM

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Egolf Corporation failed to include $300,000 of taxable interest income on its 2022 calendar year Form 1120.

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a b Because the 300000 omitted income is less than 1175 mi...View the full answer

Principles Of Taxation For Business And Investment Planning 2024

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