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Posted by Bill Brown on April 15, 2006, 3:18 am
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davesvideo@aol.com wrote:
> Herb Smith wrote:
>> As long as the $16K was not used on your 2004 return to gain
>> a tax benefit, receipt of the refund is not taxable income.
>> Ignore it.
> That's what we decided to do, but since the state of MD has reported
> this as arefund to the IRS, I figure that an audit is a certainty. We
> were hoping to avoid that.
Why? I see nothing certain or even highly probable about an
audit.
Of course, that doesn't mean you won't be audited, just that
I'll be surprised if you are.
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