The IRS processes about million income tax returns every year, about % of which are

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The IRS processes about ____________________ million income tax returns every year, about ____________________ % of which are filed electronically.

38. A penalty can be assessed on an appraiser who knew that her or his improper appraisal would be used as part of a tax computation in the amount of the lesser of ____________________% of the tax understatement or ____________________ % of the appraisal fee collected.

39. Under the Federal income tax rules for trusts and estates, a(n) ____________________ generally must use a calendar tax year, but a(n) ____________________ can select any tax year-end.

40. In computing the Federal taxable income of a trust, the ____________________ (first, last) step is to determine its fiduciary accounting income.

41. A(n) $____________________ penalty applies if the tax preparer does not sign the client’s tax return.

42. The interest income of a trust usually is allocable to ____________________ (income, remainder) beneficiaries.

43. A taxpayer’s return might be selected for audit on the basis of the ____________________ score that the IRS computes.

44. Income beneficiary Molly wants to receive all of the municipal bond interest income of the Brenner Trust. A special allocation of this sort must be supported by a nontax ____________________.

45. A gift to charity from its 2020 income is deductible on an estate’s Form 1041 if it is made by the end of the ____________________ (2020, 2021) tax year.