Fred Has Been Completing His Own Tax Returns for Years

question 28

Multiple Choice

Fred has been completing his own tax returns for years. The IRS has recently contacted him with questions about some of his prior returns. How many years back is he responsible for providing documentation?

• A) Until he files his returns.
• B) 3 years.
• C) 6 years.
• D) 10 years.
• E) 15 years.

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Definitions:

Seal

A device or symbol used to authenticate documents as genuine or to signify approval or ratification.

Consideration

A concept in contract law, referring to something of value exchanged between parties as part of an agreement.

Gratuitous Promise

A voluntary promise or agreement without consideration, where the promisor is not legally bound to fulfill the promise.

Common Law

A legal system based on judicial decisions and precedents rather than statutory laws, common in many English-speaking countries.