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Mr and Mrs

question 73

Essay

Mr. and Mrs. Lester failed to report a $40,540 capital gain on their 2015 Form 1040. The gross income reported on the return was $169,404, and the return was filed on January 20, 2016. What is the last date on which the IRS can assess additional tax for 2016?


Definitions:

Sheep Intestines

Traditionally used in the manufacturing of natural sausage casings and also in the production of strings for musical instruments.

Catgut

A type of cord traditionally made from the natural fibers found in the intestines of animals, commonly used for musical instrument strings and surgical sutures.

Optimal Amount

The best or most efficient level of output or consumption that maximizes desired outcomes or minimizes costs.

R&D

Research and Development, referring to activities in connection with corporate or governmental innovation.

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