Reference no: EM132465393

Question a: What is the statute of limitations for transactions? involving:

a. Fraud? (e.g., failure to file a tax? return)

b. Disallowance of tax deduction items

c. The omission of rental income that is equal to greater than? 25% of the? taxpayer's reported gross income

Question 1. What is the statute of limitations for transactions involving fraud? (e.g., failure to file a tax? return).

• The statute of limitations remains open ------------- if a fraudulent return is filed or if no return is filed at all.

Question 2. What is the statute of limitations for transactions including the disallowance of tax deduction items.

• The general rule for the disallowance of tax deduction items is that an assessment may be made against the taxpayer -----------------------------------

Question c. What is the statute of limitations for transactions involving the omission of rental income that is equal to greater than? 25% of the? taxpayer's reported gross income --------------------------------------------.

• statute of limitations applies if the taxpayer omits an item of gross income that is in excess of? 25% of the gross income that is reported on the return. This is question is from Tax Accounting