Question

Upon audit by the IRS, Faith is assessed a deficiency of $40,000 of which $25,000 is attributable to negligence. The 20% negligence penalty will apply to only $25,000.

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Answer 1

The subject of this question is Business. The question involves the topic of penalties assessed by the IRS.

Step-by-step explanation:

The subject of this question is Business. The question involves the topic of penalties assessed by the IRS.