For the 2019 Tax Returns, Indicate When the Statute of Limitations

question 70

Essay

For the 2019 tax returns, indicate when the statute of limitations expires and why.
a.Simon filed his tax return on April 10, 2020.
b.Billy and Barbara filed their tax returns late on December 1, 2020.
c.Pearson earns a living through various illegal activities.He filed his tax return on March 14, 2020, but did not report his illegal income on his tax return.
d.Luther filed his tax return on July 17, 2020, but has accidentally underreported his gross income by 20 percent.

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Definitions:

Distribution

In business, distribution refers to the process of getting a product or service from the manufacturer or service provider to the end consumer.

Junk Bond

A high-yield bond with a lower credit rating, reflecting a higher risk of default but offering potentially greater returns.

High-Risk Bond

A bond with a lower credit rating, indicating a higher risk of default, but offering higher potential returns to compensate for this risk.

High Yields

Bonds that offer higher interest rates because they have lower credit ratings, implying greater risk of default.