Loren Ltd, a Calendar Year Taxpayer, Had the Following Transactions, All

Loren Ltd., a calendar year taxpayer, had the following transactions, all of which were properly reported on a timely filed return. Presuming the absence of fraud, how much of an omission from gross income must occur for Loren before the six-year statute of limitations applies? Show your computations. $\begin{array}{llr} \text { Gross receipts} &&\$3,500,000\\ \text { Cost of sales } &&(1,000,000)\\ \text { Gross profit } &&\$2,500,000\\ \text { Capital gain } &\$100,000\\ \text {Capital loss } &(30,000)&70,000\\ \text {Total income } &&\$2,570,000\\\end{array}$