Exam 1 Flashcards
1
Q
What is the statute of limitations for a normal return filed?
A
3 years
2
Q
What is the statute of limitations for an omission of gross income excess of 25%?
A
6 years
3
Q
What is the statute of limitations for fraud or no filing of a tax return?
A
Indefinite years
4
Q
What are the 4 primary tax law sources?
A
- Administrative pronouncements
- Judicial cases
- Treaties
- Committee Reports
5
Q
A shorter court decision that usually deals with factual variations of previously decided cases.
A
Memo Decision
6
Q
A court decision that is issued the first time the tax court decides a legal issue.
A
Regular Decision
7
Q
Total income - exclusion = ?
A
Gross Income
8
Q
Gross income - deductions = ?
A
TI
9
Q
TI * MTR = ?
A
Income Tax before Credits
10
Q
Income Tax before Credits - Tax Credits = ?
A
Tax Liability
11
Q
Tax Liability - Repayments or withholds = ?
A
Balance Due or Refund
