If Fraud Is Involved, There Is No Time Limit on the Assessment

question 168

True/False

If fraud is involved, there is no time limit on the assessment of a deficiency by the IRS.

---

Definitions:

Dissolved

The process of officially ending the existence of a legal entity, such as a corporation or partnership.

Revised Uniform Limited Partnership Act

A set of laws adopted by some states to govern the formation, operation, and dissolution of limited partnerships.

Uniform Limited Liability Company Act

A comprehensive statute that provides a legal framework for the formation, operation, and dissolution of limited liability companies (LLCs) in the United States.

LLCs

Limited Liability Companies; a flexible form of enterprise that blends elements of partnership and corporate structures, offering limited liability protection to its owners.