A taxpayer can avoid a substantial understatement of tax penalty: if the position is frivolous and disclosed
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Question:
- if the position is frivolous and disclosed on the tax return.
- if the position has a realistic possibility of being sustained by the IRS or courts.
- if there is substantial authority to support the position.
- if the position has a reasonable basis and is not disclosed on the tax return.
- None of the choices are correct.
Lebron received $76,300 of compensation from his employer and he received $545 of interest from a municipal bond. What is the amount of Lebron's gross income from these items?
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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