In the Case of Penalties

question 14

Multiple Choice

In the case of penalties:

• A)If both failure-to-file and failure-to-pay penalties apply,the failure-to-file penalty is increased by the amount of the failure-to-pay penalty.
• B)There is a 20 percent penalty of the applicable overstatement of income tax due to negligence or disregard of rules or regulations.
• C)A substantial valuation overstatement occurs when the value of property is 20 percent more than the correct valuation.
• D)The fraud penalty is equal to the amount of the underpayment of taxes attributable to fraud.
• E)There is no penalty for failure to file a Form 1040 if the return is filed late,but filed correctly,and the taxpayer has overpaid his/her individual taxes.

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Definitions:

Terrestrial Ecosystems

are ecosystems found on land, characterized by diverse biotic communities interacting with the abiotic environment.

Precipitation

Any form of water, liquid or solid, that falls from the atmosphere and reaches the ground.

Biotic Factor

A living component of an ecosystem, such as plants, animals, and microorganisms, that affects and interacts with other organisms in their environment.

Bacteria

Microscopic single-celled organisms that inhabit virtually all environments on Earth, including soil, water, and living organisms, playing critical roles in various ecosystems.