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The IRS determined that Tyrone Bledsoe underpaid his 2020 income tax by $11,200. Tyrones Form 1040 for that year reported an income tax liability of
The IRS determined that Tyrone Bledsoe underpaid his 2020 income tax by $11,200. Tyrones Form 1040 for that year reported an income tax liability of $31,800, so the correct 2020 income tax was $43,000 ($11,200 deficiency + $31,800 reported tax). Compute Tyrones penalty for a substantial understatement of income tax
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