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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:

Structured Entity

A financial entity designed to segregate certain risks, assets, or activities, often used in complex financial structures to achieve specific objectives.

Joint Venture

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task or project.

Associated Company

A firm in which another company owns a significant stake but not a controlling interest, usually between 20% and 50% of the voting shares.

Board of Directors

A group of individuals elected by shareholders to oversee the management and governance of a corporation.

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