Allen Filed His 2019 Tax Return on May 15^th, 2020

question 78

Multiple Choice

Allen filed his 2019 tax return on May 15^th, 2020, and underreported his gross income by 30 percent.Assuming Allen's underreporting is not due to fraud, the statute of limitations for IRS assessment on Allen's 2019 tax return should end:

• A)May 15^th, 2022.
• B)April 15^th, 2022.
• C)May 15^th, 2023.
• D)April 15^th, 2023.
• E)None of the choices are correct.

---

Definitions:

Interest Rate

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage.

Principle

The original amount of money invested or loaned, before interest is added.

Graduate

A person who has successfully completed a course of study or training, especially one provided by a college or university.

Miserly Friend

Refers to a person who is exceedingly frugal to the point of being stingy or tightfisted with money.