For tax year 2015, the IRS assesses a deficiency against David for $500,000. Disregarding the interest component,

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For tax year 2015, 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 2019 Comprehensive

ISBN: 9781337703017

42th Edition

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

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Question Posted: May 30, 2019 11:23 AM

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For tax year 2015, the IRS assesses a deficiency against David for $500,000. Disregarding the interest component,

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South-Western Federal Taxation 2019 Comprehensive

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