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A characteristic of the statute of limitations is _____. A 3-year statute of limitations applies to all tax returns. The same statute of limitations applies to tax refunds and deficiencies. A 6-year statute of limitations applies if gross income is understated by more than 25%. There is a 6-year statute of limitations on assessments of tax if a fraudulent return is filed. None of the above

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Accounting Basics, Accounting

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