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.

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Definitions:

Inventory Control

The process of determining how many supplies and goods are needed and keeping track of quantities on hand, where each item is, and who is responsible for it.

Physical Distribution

All the activities necessary to move products from producers to customers—inventory control, transportation, warehousing, and materials handling.

Transportation

The shipment of products to buyers.