HWSOLCHPTR2_3ACC4320910

HWSOLCHPTR2_3ACC4320910 - NATIONAL UNIVERSITY ACC 432A...

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NATIONAL UNIVERSITY ACC 432A – SEPTEMBER, 2010 HOME WORK SOLUTIONS CHAPTER 2 Multiple Choice—Statute of Limitations: Omissions of Income 56. d. For the six-year statute of limitations to apply, Maude would have had to omit in excess of 25 percent of gross income. In computing gross income, revenues from the sale of goods or services are not to be reduced by cost of goods sold. Also, gross income includes capital gains. Thus, 25 percent of $440,000 is $110,000. Multiple Choice—Tax Practice Ethics 58. a. Advise client. It is the professional’s obligation to advise the client of pitfalls for the client and probable events to take place. However, it is not the professional’s obligation to contact IRS and advise them about the client. Think of that as disclosing information without authority to a third party. Research Problem—Code Organization 69. Standard Deduction: Code Sec. 63; Trade or Business Expenses: Code Sec. 162; Losses: Code Sec. 165;
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HWSOLCHPTR2_3ACC4320910 - NATIONAL UNIVERSITY ACC 432A...

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