The usual three-year statute of limitations on additional tax assessments applie
ID: 2514867 • Letter: T
Question
The usual three-year statute of limitations on additional tax assessments applies in the following situation(s).
No return at all is filed.
An investment in a marketable security is worthless.
Taxpayer discovers an inadvertent overstatement of deductions equal to 30% of gross income.
Taxpayer inadvertently omits an amount of gross income equal to 30% of the gross income stated on the return.
a.No return at all is filed.
b.An investment in a marketable security is worthless.
c.Taxpayer discovers an inadvertent overstatement of deductions equal to 30% of gross income.
d.Taxpayer inadvertently omits an amount of gross income equal to 30% of the gross income stated on the return.
Explanation / Answer
The usual three-year statute of limitations on additional tax assessments applies in the following situation(s).
correct option is d) i.e Taxpayer inadvertently omits an amount of gross income equal to 30% of the gross income stated on the return.
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