Phil files Form 1040 showing a total tax due of $4,000. The IRS audits his return and
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Phil files Form 1040 showing a total tax due of $4,000. The IRS audits his return and determines he should have paid $10,000. The understatement of $6,000 is 60% of the amount he should have paid and is more than $5,000. Therefore, Phil is assessed a penalty for which amount on his $6,000 underpayment?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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