Indicate the Date That the Statute of Limitations Would Run

question 45

Essay

Indicate the date that the statute of limitations would run out on the following situations:
a. The IRS assesses additional taxes for a 2017 tax return audit on May 5, 2019. How long does the IRS have to collect the tax?
b. On April 1, 2019, the IRS asks for and the taxpayer agrees to an additional year from April 1, 2019 to complete an audit for a 2015 tax return which was filed on March 9, 2016.
c. Jeremy reported $10,000 of worthless debt on his 2018 tax return which he filed on August 3, 2019.
d. Jenny files her 2019 tax return on February 25, 2020.
e. James omits 7 percent of his income on his 2017 tax return which he filed on July 12, 2018.

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Definitions:

Model Sum

A statistical term used to describe the total sum of squares in a model, measuring the variation explained by the model.

Squares

In mathematics, squares refer to numbers that result from multiplying a number by itself, or geometrically, shapes with four equal sides and four right angles.

Two-way ANOVA

A method in statistics for examining how two nominal variables predict the behavior of a continuous response variable.

Factor A

Represents a specific variable or condition in an experiment or study that is manipulated to determine its effect on an outcome.