Keen, a calendar-year taxpayer, reported a gross income of USD100,000 on his 20X1 income tax return. Inadvertently omitted from gross income was a USD20,000 commission that should have been included in 20X1. Keen filed his 20X1 return on March 15, 20X2. To collect the tax on the USD20,000 omission, the Internal Revenue Service must assert a notice of deficiency no later than:
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1 .Martin filed a timely return on April 15. Martin inadvertently omitted income that amounted to 30% of his gross income stated on the return. The statute of limitations for Martin's return would end after how many years?
A 6 years. B 7 years. C Unlimited. D 3 years.
2 .Dawn White's adjusted gross income on her Year 1 tax return was USD100,000. The amount covered a 12-month period. For the Year 2 tax year, the minimum payments required from White to avoid the penalty for the underpayment of estimated tax is:
A 110% of the prior year's tax liability paid in four equal installments only. B 90% of the current tax on the return for the current year paid in four equal installments or 100% of the prior year's tax liability paid in four equal installments. C 100% of the prior year's tax liability paid in four ...
3 .A calendar-year individual filed an income tax return on April 1. This return can be amended no later than:
A Ten months and 15 days after the end of the calendar year. B Three years, three months, and 15 days after the end of the calendar year. C Four months and 15 days after the end of the calendar year. D Three years after the return was filed.
4 .Sam's year 2 taxable income was USD175,000 with a corresponding tax liability of USD30,000. For year 3, Sam expects taxable income of USD250,000 and a tax liability of USD50,000. In order to avoid a penalty for underpayment of estimated tax, what is the minimum amount of year 3 estimated tax payments that Sam can make?
A USD 45,000 B USD 30,000 C USD 50,000 D USD 33,000
5 .An individual taxpayer agreed to a finding of fraud on an income tax return filed two years ago. What is the maximum time limitation, if any, after which the IRS may not assess any additional taxes against the taxpayer for this tax return?
A There is no time limitation. B One year. C Two years. D Three years.
7 .If an individual paid income tax in the current year but did not file a current year return because his income was insufficient to require the filing of a return, the deadline for filing a refund claim is:
A Three years from the date the tax was paid. B Two years from the date the tax was paid. C Three years from the date a return would have been due. D Two years from the date a return would have been due.
8 .On April 15, Year 2, a married couple filed their joint Year 1 calendar-year return showing gross income of USD120,000. Their return had been prepared by a professional tax preparer who mistakenly omitted USD45,000 of income, which the preparer in good faith considered to be nontaxable. No information with regard to this omitted income was disclosed on the return or attached statements. By what date must the lnternal Revenue Service assert a notice of deficiency before the statute of limitations expires?
A April 15, Year 5. B December 31, Year 4. C December 31, Year 7. D April 15, Year 8.
9 .Ms. Marsh filed her 20X0 individual income tax return on February 15, 20X1. All her tax was paid during the year through withholding. The return was due on April 15, 20X1. During January 20X2, she discovered that she had not taken a properly substantiated charitable contribution that would have reduced her total tax by USD250 on her 20X0 tax return. By what date must she file her amended return to claim a refund of the tax paid?
A December 31, 20X3. B December 31, 20X2. C February 15, 20X4. D April 15, 20X4.
10 .An individual paid taxes 27 months ago, but did not file a tax return for that year. Now the individual wants to file a claim for refund of federal income taxes that were paid at that time. The individual must file the claim for refund within which of the following time periods after those taxes were paid?
A Three years. B One year. C Four years. D Two years.
