The IRS examines the 20X5 tax return of Sam Short. His return reported tax due in...
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The IRS examines the 20X5 tax return of Sam Short. His return reported tax due in the amount of $60,000. The revenue agent has determined that Sam understated his tax for 20X5 by $22,000 and is proposing to assess the substantial understatement penalty. What arguments might Sam make that the IRS should not assess the penalty? The IRS examines the 20X5 tax return of Sam Short. His return reported tax due in the amount of $60,000. The revenue agent has determined that Sam understated his tax for 20X5 by $22,000 and is proposing to assess the substantial understatement penalty. What arguments might Sam make that the IRS should not assess the penalty?
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Sam Short may present various arguments to the IRS in an attempt to avoid or mitigate the substantia... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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