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Mr. Hepp, a self-employed consultant, failed to include a $38,200 income item on his 2015 Form 1040, which he filed on March 9, 2016. The gross income reported on the return was $102,380. What is the latest date that the IRS can assess any additional 2015 tax?
Capital Investment
Funds invested in a business or project with the expectation of generating income or profit, often involving the purchase of physical assets.
Present Value
The current worth of a future sum of money or stream of cash flows, discounted at a specific interest rate.
Present Value
The present value of a future amount of money or series of cash flows, taking into account a particular return rate.
Residual Value
Residual Value is the estimated value of an asset at the end of its useful life, often considered in depreciation calculations or when leasing assets.
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