Which statement is correct regarding IRC Section $6694$ preparer penalty provisions?

Penalties apply to the practitioner and the taxpayer that underpaid the income taxes.

A penalty can range from $$50$ to $$200$ if misconduct is found.

A penalty would never lead to an investigation by the IRS Office of Professional Responsibility $($OPR$).$

Penalties can be assessed on a practitioner when a disclosed tax position does not have a reasonable basis.