In the case of penalties, which of the following is true?

a.If both failure-to-file and failure-to-pay penalties apply, the failure-to-file penalty is increased by the amount of the failure-to-pay penalty.

b.There is no penalty for failure to file a Form 1040 if the return is filed late, but filed correctly, and the taxpayer has overpaid his/her individual taxes.

c.The fraud penalty is equal to the amount of the underpayment of taxes attributable to fraud.

d.There is a 20 percent penalty of the applicable overstatement of income tax due to negligence or disregard of rules or regulations.

e.A substantial valuation overstatement occurs when the value of property is 20 percent more than the correct valuation.