Match the Statements That Relate to Each Other

question 99

Multiple Choice

Match the statements that relate to each other.Note: Some choices may be used more than once.
-Criminal fraud penalty

• A)Three years from date return is filed
• B)Three years from due date of return
• C)20% of underpayment
• D)5% per month (25% limit)
• E)0.5% per month (25% limit)
• F)Conducted at IRS office
• G)Conducted at taxpayer's office
• H)Six years
• I)45-day grace period allowed to IRS
• J)No statute of limitations (period remains open)
• K)75% of underpayment
• L)No correct match provided

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Definitions:

Economy

The system of production, distribution, and consumption of goods and services within a specific geographic region.

Personal Income Tax

A tax levied on the income of individuals, with the rate usually increasing as income increases.

Adult Americans

Individuals living in the United States who are 18 years of age or older.

Share

A unit of ownership interest in a corporation or financial asset that provides for an equal distribution in any profits, if any are declared, in the form of dividends.