The Statute of Limitations for IRS Assessment Generally Ends Four

question 17

True/False

The statute of limitations for IRS assessment generally ends four years after the date a tax return is filed.

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Definitions:

Retained Earnings

The portion of net income that is not distributed to shareholders as dividends but is kept by the company for reinvestment.

Total Assets

The sum of all resources owned by a company, valued in monetary terms.

Deferral

A financial term referring to the postponement of the recognition of certain revenues or expenses to a later accounting period.