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MODULE 33 TAXES: INDIVIDUAL
212. (d) A income o income r come of tracting c statute of from gro $36,000)
213. (d) T
tentative adjustment or refund of taxes when an overpayment of taxes for a prior year results from the carryback of a current year's net operating loss or net capital loss. Form 1045 may be used by taxpayers other than corporations to apply for similar adjustments. 215. (a) The requirement is to determine the date by which a refund claim must be filed if an individual paid income tax during 2008 but did not file a tax return. An individual must file a claim for refund within three years from the date a return was filed, or two years from the date of payment of tax, whichever is later. If no return was filed the claim for refund must be filed within two years from ~he date that the tax was paid. 216. (c), The requirement is to determine the date by which a taxpayer must file an amended return to claim a refund of tax paid on a calendar-year 2007 return. A taxpayer must file an amended return to claim a refund within three years from the date a return was filed, or two years from the date of payment of tax, whichever is later. If a return is filed before its due date, it is treated as filed on its due date. Thus, the taxpayer's 2007 calendar-year return that was filed on March 15,2008 is treated as filed on April 15, 2008. Therefore, an a~ended return to clcrim a refund must be filed not later than April 15, 2011. 217. (d) The requirement is to determine the date by which a refund claim due to worthless security must be filed. The normal three-year statute of limitations is extended to seven years for refund claims resulting from bad debts or worthless securities. Since the securities became worthless during 2007, and Baker's 2007 return was filed on April 15, 2008, Baker's refund claim must be filed no later than April 15,2015.
VID.G. T
218. (b) T which th compute based on turn indic taxes we ties woul
219. (c) A underpay of tax is (1) neglig (2) any s substanti statemen estate tax estate tax property amount d tial incom value (or amount d
MODULE 33 TAXES: INDIVIDUAL
212. (d) A income o income r come of tracting c statute of from gro $36,000)
213. (d) T
tentative adjustment or refund of taxes when an overpayment of taxes for a prior year results from the carryback of a current year's net operating loss or net capital loss. Form 1045 may be used by taxpayers other than corporations to apply for similar adjustments. 215. (a) The requirement is to determine the date by which a refund claim must be filed if an individual paid income tax during 2008 but did not file a tax return. An individual must file a claim for refund within three years from the date a return was filed, or two years from the date of payment of tax, whichever is later. If no return was filed the claim for refund must be filed within two years from ~he date that the tax was paid. 216. (c), The requirement is to determine the date by which a taxpayer must file an amended return to claim a refund of tax paid on a calendar-year 2007 return. A taxpayer must file an amended return to claim a refund within three years from the date a return was filed, or two years from the date of payment of tax, whichever is later. If a return is filed before its due date, it is treated as filed on its due date. Thus, the taxpayer's 2007 calendar-year return that was filed on March 15,2008 is treated as filed on April 15, 2008. Therefore, an a~ended return to clcrim a refund must be filed not later than April 15, 2011. 217. (d) The requirement is to determine the date by which a refund claim due to worthless security must be filed. The normal three-year statute of limitations is extended to seven years for refund claims resulting from bad debts or worthless securities. Since the securities became worthless during 2007, and Baker's 2007 return was filed on April 15, 2008, Baker's refund claim must be filed no later than April 15,2015.
VID.G. T
218. (b) T which th compute based on turn indic taxes we ties woul
219. (c) A underpay of tax is (1) neglig (2) any s substanti statemen estate tax estate tax property amount d tial incom value (or amount d
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