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A taxpayer files their return and pays the IRS $5,000 for their taxes due. Upon examination, the IRS determines that the taxpayer understated their liability
A taxpayer files their return and pays the IRS $5,000 for their taxes due. Upon examination, the IRS determines that the taxpayer understated their liability and they actually owed $10,000 and that this understatement is due to deliberate fraud on behalf of the taxpayer. What is the amount of the Section 6663 penalty they will have to pay on this understatement?
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The Section 6663 penalty is imposed on underpayments of t...
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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
