Question: Discuss the differences between tax planning, tax avoidance, and tax fraud. Discuss various penalties that a taxpayer may be imposed. Which penalty is more serious

  1. Discuss the differences between tax planning, tax avoidance, and tax fraud.
  2. Discuss various penalties that a taxpayer may be imposed. Which penalty is more serious to the taxpayer?
  3. Discuss the general rule for the statute of limitations on tax returns and the important exceptions to the general rule.

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