Mr Hepp, a Self-Employed Consultant, Failed to Include a $38,200

question 62

Multiple Choice

Mr. Hepp, a self-employed consultant, failed to include a $38,200 income item on his 2014 Form 1040, which he filed on March 9, 2015. The gross income reported on the return was $102,380. What is the latest date that the IRS can assess any additional 2014 tax?

• A) March 9, 2018
• B) April 15, 2018
• C) March 9, 2021
• D) April 15, 2021

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Definitions:

Common Shares

Equity securities that represent ownership in a corporation, providing voting rights and potential dividends.

Debt Issue

This term refers to the process by which a company raises funds through the sale of debt instruments, such as bonds.

Operating Activities

Day-to-day actions that are involved in running a company, such as selling products, managing expenses, and paying employees, which are reflected in the cash flow statement.