A taxpayer incorrectly reports income and has a substantial understatement of income tax in the amount of
Question:
A taxpayer incorrectly reports income and has a substantial understatement of income tax in the amount of $20,000 (but no fraud). The accuracy-related penalty for this error is:
a. $20,000
b. $1,000 (5 percent)
c. $4,000 (20 percent)
d. $15,000 (75 percent)
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Related Book For 
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
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