MrAnd MrsLester Failed to Report a $40,540 Capital Gain on Their

question 58

Essay

Mr.and Mrs.Lester failed to report a $40,540 capital gain on their 2018 Form 1040.The gross income reported on the return was $169,404,and the return was filed on January 20,2019.What is the last date on which the IRS can assess additional tax for 2018?

---

Definitions:

Consumer Purchase Decision

The process by which an individual decides what products or services to buy based on factors such as need, desire, and affordability.

External Environment

The outside factors and influences that affect an organization's decision-making process and performance, including economic, social, political, and technological factors.

Purchase Decision Process

The five stages a buyer passes through in making choices about which products and services to buy; includes problem recognition, information search, alternative evaluation, purchase decision, and postpurchase behavior.

Buyer

An individual or organization that purchases goods or services for personal use or for further processing or for resale.