Martin Has Never Filed a 2020 Tax Return Despite Earning

question 83

Multiple Choice

Martin has never filed a 2020 tax return despite earning approximately $30,000 providing landscaping work in the community. In what tax year, will the statute of limitations expire for Martin's 2020 tax return?

• A)2023
• B)2024
• C)2027
• D)2028
• E)None of the choices are correct.

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Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable, leading to a misallocation of resources.

Baseball Hat

A type of soft cap with a rounded crown and a stiff bill projecting in front.

Tax

A mandatory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Marginal Tax Rate

The amount of tax paid on an additional dollar of income, which is typically a percentage that increases as income rises.