CAF-2 · Chapter 15 · Question 9 of 15
If a taxpayer discovers an omission in his previously filed and assessed return and subsequently files a revised return of income (fulfilling all conditions including payment of tax), what is the legal status of this revised return?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) B) It is treated as an amended assessment order issued by the Commissioner on the day the revised return was furnished.
Explanation
If a taxpayer furnishes a revised return of income, the Commissioner shall treat the revised return as an amended assessment, and it shall be taken to be an amended assessment order issued to the taxpayer on the day the revised return was furnished.
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