Mrs. Fugate failed to include $28,000 lottery winnings on her 2017 Form 1040. The only gross income
Question:
Mrs. Fugate failed to include $28,000 lottery winnings on her 2017 Form 1040. The only gross income she reported was her $78,000 salary. She filed her return on January 19, 2018.
a. What is the last date on which the IRS can assess additional tax for 2017?
b. Would your answer change if Mrs. Fugate also reported $37,500 dividend income on her Form 1040?
DividendA 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...
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a The 28000 omitted income exceeds 19500 25 78000 gross income reported on Mrs Fugates retu...View the full answer
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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