Examlex

Solved

Mr and Mrs

question 26

Multiple Choice

Mr. and Mrs. Dint filed their 2012 Form 1040 on January 28, 2013. Assuming that the return does not contain any significant errors, what is the latest date that the IRS can assess any additional 2012 tax?


Definitions:

Excess Reserves

Funds held by banks over and above the legally mandated requirements to back deposits.

Demand Deposits

Bank accounts from which deposited funds can be withdrawn at any time without any notice to the bank, such as checking accounts.

Federal Reserve Board

The governing body of the Federal Reserve System, responsible for overseeing the United States' central bank policies, including regulating banks and setting interest rates.

Federal Open Market Committee

The branch of the Federal Reserve System responsible for setting monetary policy, including influencing interest rates and controlling the money supply.

Related Questions