[Solved] 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. -Substantial understatement of tax liability. 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 Naked Strategy: A trading tactic involving the speculative purchase or sale of financial instruments without protective measures to offset potential losses. Long Put: An options strategy where an investor purchases a put option, betting that the underlying asset's price will decline below the strike price before expiration. Collar Strategy: An investment strategy that uses options to limit the range of possible returns, protecting against large losses but also capping large gains. Exercise Price: The price at which an option holder can buy (call option) or sell (put option) the underlying asset or security.