Chapter 2 Section 4: Other Items Flashcards
1
Q
What is the statute of limitations in general?
A
3 years
2
Q
What is the statute of limitations for correcting 25% understatements of income?
A
6 years
3
Q
What is the statute of limitations for fraudulent or false returns?
A
There isn’t one
4
Q
What is the statute of limitations for refund claims?
What form do you use?
A
Later of 3 years from date it was filed or due date, OR two years from time tax was paid
1040x
5
Q
What is the statute of limitations for bad debts and worthless securities?
A
7 years
6
Q
What is the form for a claim for refund of corporate income taxes?
Quick refund due to NOL carryback?
Refund of tax other than income tax?
A
1139
1045
843
7
Q
When are tax estimates required?
A
> 1000 lia AND
withholding is less than lesser of 90% of current year tax or 100% of last year’s tax
