Match the Statements That Relate to Each Other

question 82

Multiple Choice

Match the statements that relate to each other.Note: Some choices may be used more than once.
-Fraud and statute of limitations

• A)Three years from date return is filed
• B)Three years from due date of return
• C)20% of underpayment
• D)5% per month (25% limit)
• E)0.5% per month (25% limit)
• F)Conducted at IRS office
• G)Conducted at taxpayer's office
• H)Six years
• I)45-day grace period allowed to IRS
• J)No statute of limitations (period remains open)
• K)75% of underpayment
• L)No correct match provided

---

Definitions:

Long-term Improvements

Enhancements or upgrades to property or assets that are expected to provide benefits over a period exceeding one year.

Principal's Beneficiary

An individual or entity that stands to benefit from the actions or decisions of a principal, especially in legal or financial contexts.

Durable Power

A legal document that grants someone authority to act on another's behalf in legal matters, which continues to be effective even if the grantor becomes incapacitated.

Incapacitated

A state where an individual is unable to make decisions for themselves due to physical or mental limitations.