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For the Tax Year 2016,Noah Reported Gross Income of $300,000

Question 105

Essay

For the tax year 2016,Noah reported gross income of $300,000 on his timely filed Federal income tax return.
a.Presuming the general rule applies,when does the statute of limitations on assessments normally expire?
b.Suppose Noah inadvertently omitted gross income of $76,000.When does the statute of limitations on assessments expire?
c.Suppose the omission was deliberate and not inadvertent.When does the statute of limitations on assessments expire?

Correct Answer:

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a.Three years from April 17,20...

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