Sally and Tom were married and properly filed a joint return for the year 20x4 on March 30, 20 x5. The return reported $200,000 of gross income and a tax liability of $40,000. A total of $ 37,500 in taxes had been withheld from their salaries during the year. The IRS mailed a Notice of Deficiency to Sally and Tom on April 15, 20x8. What would be the last date on which the IRS could assess tax if- (a) Sally and Tom did not file a petition in the Tax Court? (b) The Tax Court issued its opinion on April 1, 20x9 and entered its decision on June 30, 20x9? (c) Would your answer to (b) be different if the Notice of Deficiency had been mailed on April 10, 20x8 ?

Sally and Tom were married and properly filed a joint return for the year 20x4 on March 30, 20 x5. The return reported $200,000 of gross income and a tax liability of $40,000. A total of $ 37,500 in taxes had been withheld from their salaries during the year. The IRS mailed a Notice of Deficiency to Sally and Tom on April 15, 20x8. What would be the last date on which the IRS could assess tax if- (a) Sally and Tom did not file a petition in the Tax Court? (b) The Tax Court issued its opinion on April 1, 20x9 and entered its decision on June 30, 20x9? (c) Would your answer to (b) be different if the Notice of Deficiency had been mailed on April 10, 20x8 ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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