Walter Did Not File His 2017 Tax Return That Was

question 22

Multiple Choice

Walter did not file his 2017 tax return that was due April 17, 2018 until June 2, 2018.

• A) When does the statute of limitations expire for this return assuming he did not file for an automatic extension?
• B) When does the statute of limitations expire if Walter forgot to report a land sale that occurred on January 10, 2017? He had a $20,000 gain on the transaction and he reported gross income for 2017 of $75,000?
• C) When does the statute of limitations expire if Walter deliberately omitted the $20,000 gain on the land sale?

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Definitions:

Need for Achievement

A motivational drive that influences individuals to achieve excellence and set challenging goals.

Individualistic Culture

Cultures in which personal achievements and independence are highly valued, emphasizing the importance of individual goals over group goals.

Belief Perseverance

The phenomenon where individuals maintain their beliefs even in the face of contradictory evidence.

Fundamental Attribution Error

The tendency to overemphasize personal characteristics and ignore situational factors in explaining others' behavior.