What amount must be omitted from income for the six year, Ask an Expert

Accounting

Jim a retail merchant reported the following on his 2010 return:

sales 200000
cost of goods sold 80000
gross profit 120000

What amount must be omitted from income for the six year statute of limitations apply:

a. 30000

b. 20000

c. more than 50000

d. more than 30000

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Accounting Basics, Accounting

Category:- Accounting Basics
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