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In Late June 2017, Art Is Audited by the State

question 124

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In late June 2017, Art is audited by the state and a large deficiency is assessed. In November of the same year, his Federal income tax return is audited by the IRS. What has probably happened?


Definitions:

Switch Closed

A condition in an electrical circuit where the switch is in a position that allows current to flow through.

Preset

A predetermined setting or value that is programmed into a device, allowing it to perform a certain function automatically or under specific conditions.

RTO Timer

A type of timer in industrial control systems that allows for retentive countdowns, meaning it retains the countdown value during power cycles or when in an off state.

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