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Which of the following statements about section 6694 preparer penalty provisions in the Internal Revenue Code is incorrect? a. Penalties can be assessed when a
Which of the following statements about section 6694 preparer penalty provisions in
the Internal Revenue Code is incorrect?
a. Penalties can be assessed when a disclosed tax position does not have a
reasonable basis
b. Penalties also apply to the taxpayer or corporation that underpaid income
taxes.
c. The penalties apply to understatements due to unreasonable positions.
d. Penalty amounts can be significant.
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