Question

which of the following statements of penaltiesis correctwhen a filing a Firm 706?

May 31, 2018 September 1, 2018. November 30, 2018. April 16, 2019. Mark for follow up Question 29 of 65. Which of the following statements regarding the assessment of penalties is correct when filing a Form 7067 Section 6651 provides for penalties for both late filing and late payment. Penalties apply to the willful attempt to evade payment of estate and Generation Skipping Transfer (GST) tax. A late-filing penalty will not be imposed if the taxpayer can show that the failure to file a timely return is due to reasonable All of the above statements are correct. Mark for follow up Question 30 of 65. A decedent died on March 1, 2018. Her estate is required to file Form 706 if her gross estate on the date of death $5,340,000 $5,490,000 $10,000,000 $11,180,000 Mark for follow up elad Her per

Answer 1

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Penalties

Late filing and late payment. Section 6651 provides for penalties for both late filing and for late payment unless there is reasonable cause for the delay. The law also provides for penalties for willful attempts to evade payment of tax. The late filing penalty will not be imposed if the taxpayer can show that the failure to file a timely return is due to reasonable cause.

Penalties also apply to late filing, late payment, and underpayment of GST taxes.

So answer is all of above.

Option D