Upon audit, the IRS determines Marias tax liability to be $40,000. Maria agrees to pay a $7,000

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Upon audit, the IRS determines Maria’s tax liability to be $40,000. Maria agrees to pay a $7,000 deficiency. Will she necessarily have to pay a substantial understatement penalty? Explain.
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Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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