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Unformatted text preview: businesses, especially if significant tax losses are incurred. Itemized deductions exceeding an average amount for the person’s income level Filing of a refund claim by a taxpayer who has been previously audited, where substantial tax deficiencies have been assessed Individuals who are self-employed with substantial business income or income from a profession ( e. g., a medical doctor) 30. a. A field audit generally is broader in scope than the office audit ( e. g., several items on the tax return may be reviewed). b. In most cases, an individual is asked to substantiate a particular deduction, credit, or income item ( e. g., charitable contributions that appear to be excessive). The office audit procedure does not involve a complete audit of all items on the return. 34. either a completed transaction ( e. g., a sale of property) or a proposed transaction ( e. g., a proposed merger of two corporations)....
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This note was uploaded on 03/26/2012 for the course ACCT ACCT210 taught by Professor Challanworthington during the Spring '10 term at S. Alberta Tech.
- Spring '10