axpayer $($TP$)$ omitted a $$12,000$ payment on its timely filed $2021$ tax return. The TP genuinely believed the payment was a return on investment and not taxable. Claiming the payment was a taxable dividend the IRS issued a Notice of Deficiency. The TP petitioned the Tax Court. The Tax Court issued a verdict on October $31,2026,$ ruling in favor of the IRS that the dividend was taxable but determined that it was taxable for $2022.$ The taxpayer omitted the payment from its timely filed $2022$ tax return. The TP$$s income for both years was approximately $$500,000.$ Which of the following statement is most accurate?

Question $25$ options:

The statute of limitation has passed and the IRS is time barred from any assessment for $2022.$

The mitigation provisions apply and the IRS will be able to assess for the $2022$ omission.

The IRS may assess the omission if it can prove that the taxpayer knew it was taxable.

None of these choices$/$More information is needed.

The mitigation provisions may apply. IRS will be able to assess for the $2022$ omission after it obtains a determination.