For tax year 2014, the IRS assesses a deficiency against David for $500,000. Disregarding the interest component,

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For tax year 2014, the IRS assesses a deficiency against David for $500,000. Disregarding the interest component, what is David’s penalty if the deficiency is attributable to:

a. Negligence?

b. Fraud?

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South-Western Federal Taxation 2018 Comprehensive

ISBN: 9781337386005

41st Edition

Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young

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Question Posted: May 29, 2018 04:00 AM

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For tax year 2014, the IRS assesses a deficiency against David for $500,000. Disregarding the interest component,

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South-Western Federal Taxation 2018 Comprehensive

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