If an Income Tax Return Is Not Filed by a Taxpayer

question 78

True/False

If an income tax return is not filed by a taxpayer, there is no statute of limitations on assessments of tax by the IRS.

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Definitions:

Cash In Hand

The amount of liquid money or physical currency that a company or individual has readily available.

Bills Receivable

Financial documents representing money owed to a business by its customers that is payable within a short period.

Inventories

Quantities of goods and materials that a business holds for the purpose of sale or production.

Quick Ratio

A financial metric indicating a company's ability to meet short-term liabilities with its most liquid assets, excluding inventory.