REG CH 3 12152020

  1. If an omission in excess of ---------- of gross income stated in the return occurs, the statute of limitations for assessment is 6 years from the date the return was filed (or the due date, if later).
    If an omission in excess of 25% of gross income stated in the return occurs, the statute of limitations for assessment is 6 years from the date the return was filed (or the due date, if later).
  2. If an omission in excess of 25% of gross income stated in the return occurs, the statute of limitations for assessment is --- years from the date the return was filed (or the due date, if later).
    If an omission in excess of 25% of gross income stated in the return occurs, the statute of limitations for assessment is 6 years from the date the return was filed (or the due date, if later).
  3. A substantial understatement of income tax occurs when the understatement is more than the larger of -------- of the correct tax, or $5,000.
    A substantial understatement of income tax occurs when the understatement is more than the larger of 10% of the correct tax, or $5,000.
  4. A substantial understatement of income tax occurs when the understatement is more than the larger of 10% of the correct tax, or $-------------.
    A substantial understatement of income tax occurs when the understatement is more than the larger of 10% of the correct tax, or $5,000.
  5. A ---------------------- understatement is subject to an accuracy-related penalty
    A substantial understatement is subject to an accuracy-related penalty
  6. A substantial understatement is subject to an --------------------- penalty
    A substantial understatement is subject to an accuracy-related penalty
  7. Adjusted gross income above $150,000 subjects the individual taxpayer to a different safe harbor provision. The safe harbor percentage is --------%.
    Adjusted gross income above $150,000 subjects the individual taxpayer to a different safe harbor provision. The safe harbor percentage is 110%.
  8. Publication of revenue rulings by the IRS is intended to accomplish
    Inform and advise taxpayers.

    Promote uniform application of tax laws.

    Provide an official interpretation of internal revenue law.
  9. Utilizing MACRS depreciation (accelerating the depreciation deduction) instead of electing straight-line depreciation is an example of which tax planning technique?
    Timing.
  10. The three most basic and common types of tax planning are
    Timing of income recognition,

    Shifting of income among taxpayers and jurisdictions, 

    Conversion of income among high and low rate activities.
Author
Joens1313
ID
353968
Card Set
REG CH 3 12152020
Description
REG CH 3 12152020
Updated