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Mr and Mrs Lester failed to report a $40,540 capital gain on their 2017 Form 1040. The gross income reported on the return was $169,404, and the return was filed on January 20, 2018. What is the last date on which the IRS can assess additional tax for 2017?
Revenue Maximization
A strategy or objective focused on increasing the total income generated from sales or services, without necessarily maximizing profit.
Cournot Equilibrium
The Cournot equilibrium is a concept in economic theory where firms reach a state of balance in quantity and price in a duopoly, where each firm's output decision best responds to the output decision of the other firm.
Downward-Sloping
A term describing a curve or line that decreases in value as it moves from left to right, often used to describe demand curves in economics.
Cournot Equilibrium Price
A concept in oligopoly theory where each firm chooses its quantity to maximize profit, assuming the other firms' quantities remain fixed, leading to a stable market price.
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