Assume Logan wishes to take a tax position that lacks substantial authority. Provide your thorough understanding of how the taking of such a position might affect Logan and you as the tax preparer. Be sure to discuss all possible scenarios with relevant tax rules and ethical standards and all potential consequences/outcomes in a well-organized memorandum.

Answer rating: 100% (QA)

Substantial Authority in Support of an Undisclosed Tax Position Regs Sec 166624d3i explains when there is substantial authority in support of a tax position The regulation provides in part There is su... View the full answer