Discuss Actions a Taxpayer Can Take If It Is Anticipated

question 2232

Essay

Discuss actions a taxpayer can take if it is anticipated that his income taxes will be substantially underpaid in order to minimize penalties.

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Definitions:

Resells

The act of selling something that one has previously bought to a third party.

Original Buyer

The first purchaser of a good or service, directly from the manufacturer or provider, before any subsequent resale.

Additional Remedies

Refers to legal solutions or compensations provided beyond ordinary damages, including injunctions and specific performance to address a wrong or breach of contract.

Code

A systematic collection, compendium, or revision of laws, rules, or regulations.