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A taxpayer files their return and pays the IRS $2,500 for their taxes due. Upon examination, the IRS determines that the taxpayer understated their liability
A taxpayer files their return and pays the IRS $2,500 for their taxes due. Upon examination, the IRS determines that the taxpayer understated their liability and they actually owed $3,500. They assess a penalty for substantial understatment under Section 6662(d). What is the size of this penalty?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
