Yang, a Calendar Year Taxpayer, Did Not File a Tax

question 51

True/False

Yang, a calendar year taxpayer, did not file a tax return for 2005 because she honestly believed that no additional tax was due. In 2011, Yang is audited by the IRS and the agent assesses a deficiency of $17,000 for tax year 2005. Yang need not pay this deficiency, since the statute of limitations expired on April 15, 2009.

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Definitions:

Void Title

A title to property or ownership that is invalid or ineffective, usually due to legal defects or because it was acquired through fraudulent means.

True Title

The legitimate ownership of property or assets, free of liens or disputes, legally recognized and vested in an entity or individual.

Mirror-Image Rule

is a principle in contract law stating that an offer must be accepted exactly without modifications; any changes constitute a counteroffer.

Uniform Commercial Code

A thorough aggregation of legal provisions steering all commercial operations throughout the United States.