Income for six year statute of limitations

Assignment Help Accounting Basics

Reference no: EM13156631

Jim a retail merchant reported the following on his 2010 return:

sales 200000
cost of goods sold 80000
gross profit 120000

What amount must be omitted from income for the six year statute of limitations apply:

a. 30000

b. 20000

c. more than 50000

d. more than 30000

Reference no: EM13156631

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