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Homework answers / question archive / Discussion Question 1-43 (C) (LO
Discussion Question 1-43 (C) (LO. 5) For the prior tax year, the IRS assesses a deficiency against Chelsea for $475,000. a. Disregarding the interest component, enter Chelsea's penalty if the deficiency is negligence: b. Disregarding the interest component, enter Chelsea's penalty if the deficiency is civil fraud: $
Answer:
| a | ||||
| Chelsea's penalty = $475,000*20% = $95,000 | ||||
| b | ||||
| Chelsea's penalty = $475,000*75% = $356,250 | ||||
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