The Usual Three-Year Statute of Limitations on Additional Tax Assessments

question 174

Multiple Choice

The usual three-year statute of limitations on additional tax assessments applies in the following situation(s) .

• A) No return at all is filed.
• B) An investment in a marketable security is worthless.
• C) A taxpayer discovers an inadvertent overstatement of deductions equal to 30% of gross income.
• D) A taxpayer inadvertently omits an amount of gross income equal to 30% of the gross income stated on the return.

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Definitions:

BPH

Benign Prostatic Hyperplasia, a condition in men in which the prostate gland is enlarged, causing difficulty in urination.

Diagnosed

The process of identifying a disease or condition from its symptoms and test results by a healthcare professional.

Benign Prostatic Hyperplasia

A non-cancerous enlargement of the prostate gland, commonly affecting older men.

BPH

Benign Prostatic Hyperplasia, a non-cancerous enlargement of the prostate gland that can cause urinary problems in men as they age.