For tax year 2020, the IRS assesses a deficiency against David for $500,000. Disregarding the interest component,

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For tax year 2020, 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 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Posted: Sep 24, 2023 07:57 AM

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For tax year 2020, the IRS assesses a deficiency against David for $500,000. Disregarding the interest component,

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South Western Federal Taxation 2023 Comprehensive Volume

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