You are investigating an individual for possible tax evasion. You gather the following information for...
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Accounting
You are investigating an individual for possible tax evasion. You gather the following information for the year 2016: - Deposits to the bank $150,000; - Personal expenses paid by Cash $40,000; - Total income reported on the tax return $60,000; - $70,000 in unpaid auto & mortgage principal balances (liabilities) with no payments made in 2016. Finance companies have started foreclosure proceedings. Using the Bank Deposit Method, determine if any unreported income may exist. Show your calculations.
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