1: Penalty that occurs from understatement of $1,000 tax due to the valuation of an appraiser will have

a: No penalty b: Appraiser and taxpayer will share penalty c: Appraiser pays penalty of a $1,000 d: Appraiser pays penalty of $100 e: Taxpayer pays penalty

2: John underpaid his taxes by $10, 000 and the IRS believes it is due to civil Fraud. How much will the penalty be assessed at for John?

a: No penalty, jail time b: $10,000 c: $7,500 d: $1,000 e: Not enough information to calculate

3: Due date for tax payment: a: July 15 b: October 15 c: April 15 d: All of the above

4: Which of the following is exempt from preparer penalties? A. CPAs B. Banks C. IRS Employees D. Business Owners