Troys 2016 tax return is audited. The auditor determines that Troy inadvertently understated his ending inventory in
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Troy’s 2016 tax return is audited. The auditor determines that Troy inadvertently understated his ending inventory in calculating his business income. The error creates an additional tax liability of $5,000. The IRS charges interest on the additional tax liability of $600.
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The issue is whether the interest is personal interest or int...View the full answer
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Related Book For 
Concepts In Federal Taxation
ISBN: 9781337702621
26th Edition
Authors: Kevin E. Murphy, Mark Higgins
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