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Macy Filed Her 2011 Tax Return on Its Extended Due

question 19

True/False

Macy filed her 2011 tax return on its extended due date of October 15, 2012. The IRS has until December 31, 2014, to audit this return.


Definitions:

Good Reason

A justified motive or rationale behind a decision, belief, or action.

Common Sized Statements

Financial statements that present all items in percentage terms, with balance sheet items shown as a percentage of total assets and income statement items as a percentage of total revenue.

Cash Flows

The aggregated financial movements into and out of a venture, significantly affecting its availability of liquid assets.

Ratio Analysis

A quantitative analysis of information contained in a company's financial statements, used to evaluate the performance, liquidity, and solvency of the business.

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