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Problem - Loraine (a calendar year taxpayer) reported the following transactions, all of which were properly included in a timely filed return.
Gross receipts
$975,000
Cost of sales
(850,000)
Gross profit
$125,000
Capital gain
$40,000
Capital loss
(25,000)
15,000
Total income
$140,000
Required -
a. Presuming the absence of fraud, how much of an omission from gross income would trigger the six-year statute of limitations?
b. Would it matter if cost of sales had been inadvertently overstated by $150,000?
c. How does the situation change in the context of fraud by Loraine?
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