For Each of the Indicated Tax Penalties, Indicate the Appropriate

question 73

Multiple Choice

For each of the indicated tax penalties, indicate the appropriate taxpayer defense. A letter may be used more than once. Not all of the letters need be used.
-Failure to pay a tax that is due.

• A)Ignorance of the tax law
• B)Reasonable basis
• C)Reasonable cause
• D)Complexity of the tax law
• E)Substantial authority
• F)Disclosure on return

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Definitions:

Equality

An existence of equality, notably in areas of status, rights, and opportunities.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choice.

Ticket Price

The cost charged for admission to an event or access to a service.

Value Of Time

The economic worth assigned to time, reflecting what is foregone in engaging in a particular activity versus alternative uses.