Problem
A calendar-year taxpayer files an individual tax return for the 2016 tax year on March 20, 2017. The taxpayer neither committed fraud nor omitted amounts in excess of 25% of gross income on the tax return
1) What is the latest date that the Internal Revenue Service can assess tax and assert a notice of deficiency?
2) Assume the same facts described above except the same taxpayer omitted amounts in excess of 25% of gross income on the tax return, when would the statute of limitations expire?
3) Assume the same facts described above except the same taxpayer committed fraud, when would the statute of limitations expire?
4) Provide a summary of IRC Section 6501.