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I’m looking at the answers to Sim #72, and some of them don’t make sense to me
1. What is the due date for filing of a federal income tax return for a C corporation with a fiscal year of 6/30/year 2 that has not filed a request for extension?
My logic is that if this were a c corporation on the CALENDAR year, it would be March 15th (15 days on the 3rd month after fiscal close). So if something ends on June 30th, then 9/15/year 2 would be the due date. The answer given is 7/31/year 2. Why is that?
3. A calendar-year C corporation discovers an error resulting in overpayment of tax on the return for year 1 filed on 2/17/year 2. When does the statute of limitations for filing an amended return expire?
I think that statute of limitations consider the LATER of the due date vs. when you filed. Since this c corp paid early, then the clock starts on March 15th, not February 17th, am I right? So if the statute of limitations is typically 3 years, then I thought the answer would be 3/15/year 5. The answer is given as 4/15/year 5.
AUD - 93
BEC - 87
FAR - 77
REG - 77------------
Corporate finance leaderBEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10
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