An understatement of tax is considered "substantial, and thus subject to the 20% accuracy-related penalty,...
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Accounting
An understatement of tax is considered "substantial, and thus subject to the 20% accuracy-related penalty, if it exceeds the greater of: (1) % of the tax required to be shown on the return, or (2) $. 000's OL V B. 10, 20.000 C. 20; 5,000 D. 20; 20,000
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