statute of limitations investment & finance definition
- A legal
time limit, after which certain types of lawsuits may not be filed.
- A time
limit, after which a government agency may not pursue certain regulatory
actions. For example, the Internal Revenue Service (IRS) has three years to
audit tax returns and assess back taxes if mistakes are found; however, that
statute of limitations doesn’t apply in cases of fraud.
Learn more about statute of limitations
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