The November $2023$ Taxes$$The Tax Magazine article, $"$ Where Have All the Theft Losses

Gone?$"$ authored by Joshua D$.$ Smeltzer and Matthew Roberts is

a$.$ Primary authority

b$.$ Secondary authority

$2.$ Section $162$ Trade or business expenses is

a$.$ Primary authority

b$.$ Secondary authority

$3.$ IRS Publication $550,$ Investment Income and Expenses is

a$.$ Primary authority

b$.$ Secondary authority

$4.($T$/$F$)$There are four aspects of tax practice: compliance, planning, litigation and research.

$5.$ Primary tax authority consists of which types of authority?

a$.$ Legislative authority

b$.$ Administrative authority

c$.$ Judicial authority

d$.$ All of the above

e$.$ None of the above

$6.$ The court case of John Malone, TC Memo $1996-408$is

a$.$ Primary authority

b$.$ Secondary authority

$7.$ The types of accuracy$-$related taxpayer penalties are

a$.$ Negligenceor negligent disregard for rules and regulations

b$.$ Substantial understatement of incometax

c$.$ Substantial valuation misstatement

d$.$ All of the above

e$.$ None of the above

$8.$ It was determined by the IRS that Ima Cheater made a substantial understatement on her tax

return which resulted in an underpayment of tax in the amount of $$10,000.$ The penalty for the

understatement is

a$.$ $$5,000$

b$.$ $$10,000$

c$.$ $$1,000$

d$.$ $$2,000$

$9.$ For tax fraud, the minimumpenalty is

a$.75\%$ of the amount of the underpayment attributable to the fraud and mandatory

imprisonment of up to $10$ years.

b$.20\%$ of the amount of the underpayment attributable to the fraud and mandatory

imprisonment of up to $5$ years.

c$.75\%$ of the amount of the underpayment attributable to the fraud and possible

imprisonment of up to $5$years.

d$.20\%$ of the amount of the underpayment attributable to the fraud and possible

imprisonment of up to $5$ years.

$10.($T$/$F$)$ There is never a penalty for a paidtax preparer