The "Reasonable Possibility of Success" Standard Commonly Is Associated with "1

question 32

Multiple Choice

The "reasonable possibility of success" standard commonly is associated with "1 out of 3" odds of success.These odds refer to the likelihood of success:

• A) After the IRS has detected and challenged an asserted tax position
• B) Taking into account the fact that the IRS may not detect a questionable tax position
• C) Taking into account the fact that the IRS may detect a questionable tax position, but not challenge it due to limited government resources
• D) Of the taxpayer achieving the beneficial tax savings desired from the asserted position

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Definitions:

Coleoptile

The protective sheath covering the emerging shoot in monocotyledons, such as grasses and cereals.

Ovary Wall

The outer layer of the ovary that encloses the ovules in plants or the area in female animals where eggs are produced.

Fruit

The mature ovary of a flowering plant, usually containing seed(s), that can be eaten as food or used to propagate the plant.

Vegetable

Edible plants or parts of plants, such as leaves, roots, flowers, or seeds, commonly consumed as food and important sources of nutrients.