The taxpayer, a corporation with an April 30 fiscal year, mails its return for the April...
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The taxpayer, a corporation with an April 30 fiscal year, mails its return for the April 30, 20X0 year to the Service Center on July 14, 20X0. The return is received at the Service Center on July 16, 20X0. Three years later, on July 16, 20X3, the IRS mails the taxpayer a Notice of Deficiency seeking additional tax for the 20X0 year. Is the proposed assessment barred by the statute of limitations? (A) If the IRS prepares a return under Code Sec. 6020(b) for an individ- ual who has filed a return for the taxable year 20X0, when would the statute of limitations expire with respect to that return? (B) How can the taxpayer in (A) cause the statute of limitations to expire earlier? The taxpayer, a corporation with an April 30 fiscal year, mails its return for the April 30, 20X0 year to the Service Center on July 14, 20X0. The return is received at the Service Center on July 16, 20X0. Three years later, on July 16, 20X3, the IRS mails the taxpayer a Notice of Deficiency seeking additional tax for the 20X0 year. Is the proposed assessment barred by the statute of limitations? (A) If the IRS prepares a return under Code Sec. 6020(b) for an individ- ual who has filed a return for the taxable year 20X0, when would the statute of limitations expire with respect to that return? (B) How can the taxpayer in (A) cause the statute of limitations to expire earlier?
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Answer rating: 100% (QA)
A Yes the proposed assessment is barred by the statute of limitations B The taxpaye... View the full answer
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
Posted Date:
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