What is an unreasonable position on a tax return? What is the standard to determine if a position is unreasonable?
What is an unreasonable position on a tax return?
What is the standard to determine if a position is unreasonable?
Homework Answers
| An unreasonable position is when, while evaluating or taking a call / position, professional judgement would dictate that it is not accurate and it will affect tax liability in a substantial manner |
| A
position is generally unreasonable when there is no substantial
support about it in the tax laws. Unless there is a reasonable
basis for a position, it is UNREASONABLE even if there are adequate
explantions about it in the return filed by the assessee. In case of tax shelter, if it DOES NOT meet the criteria of more likely than not standard, than it is UNREASONABLE. |
If challenged by the IRS and the probability of it being sustained is more than 50% then it is REASONABLE.
Add Answer to:
What is an unreasonable position on a tax return? What is the standard to determine if a position is unreasonable?
The disclosure of a tax return position will reduce or eliminate an accuracy-related penalty on the...
The disclosure of a tax return position will reduce or eliminate an accuracy-related penalty on the taxpayer in which of the following circumstances? The position is frivolous The position is not properly substantiated The position concerns a tax shelter with substantial authority The position does not concern a tax shelter and has a reasonable basis
What steps should you take when completing a tax return? When preparing a tax return, it...
What steps should you take when completing a tax return? When preparing a tax return, it is important to complete each step in the order prescribed. Click in each entry field then type the prescribed step. Step A: Determine Adjusted Gross Income Less Equals Less Larger of itemized deductions or standard deduction Step B: Calculate Taxable Income Less Equals Step C: Calculate Tax Liability Calculate tax using tax tables or tax rate schedules | Less Plus Equals
What is the difference between a reasonable naturalist, and an unreasonable one? A. Reasonable naturalists are...
What is the difference between a reasonable naturalist, and an unreasonable one? A. Reasonable naturalists are atheists, and unreasonable naturalists are theists. B. Reasonable naturalists are theists, and unreasonable naturalists are atheists. C. Reasonable naturalists live practical (i.e. reasonable) lives, in harmony with the natural order (i.e naturalism). Unreasonable naturalists live impractical (i.e. unreasonable) lives, in harmony with the natural order (i.e. naturalism). D. Reasonable naturalists are justified in believing that God doesn't exist. Unreasonable naturalists are not justified in...
What is a good reason to appeal an unreasonable grade?
What is a good reason to appeal an unreasonable grade?
Delta Catfish Company has taken a position in its tax return to claim a tax credit...
Delta Catfish Company has taken a position in its tax return to claim a tax credit of $10 million (direct reduction in taxes payable) and has determined that its sustainability is “more likely than not,” based on its technical merits. Delta has developed the probability table shown below of all possible material outcomes: Probability Table ($ in millions) Amount of the tax benefit that management expects to receive $ 10 $ 8 $ 6 $ 4 $ 2 Percentage likelihood...
Delta Catfish Company has taken a position in its tax return to claim a tax credit of $26 million...
Delta Catfish Company has taken a position in its tax return to claim a tax credit of $26 million (direct reduction in taxes payable) and has determined that its sustainability is “more likely than not,” based on its technical merits. Delta has developed the probability table shown below of all possible material outcomes: Probability Table ($ in millions) Amount of the tax benefit that management expects to receive $ 26 $ 20.8 $ 15.6 $ 10.4 $ 5.2 Percentage likelihood...
Determine the signs of the trigonometric functions of an angle in standard position with the given...
Determine the signs of the trigonometric functions of an angle in standard position with the given measure. See Example 6 . -640°
Determine the amount of the standard deduction for each of the following taxpayers for tax year...
Determine the amount of the standard deduction for each of the following taxpayers for tax year 2019: Christina, who is single. Adrian and Carol, who are filing a joint return. Their son is blind. Peter and Elizabeth, who are married and file separate tax returns. Elizabeth will itemize her deductions. Karen, who earned $1,100 working a part-time job. She can be claimed as a dependent by her parents. Rodolfo, who is over 65 and is single. Bernard, who is a...
13. Determine the signs of the trigonometric functions of an angle in standard position with the...
13. Determine the signs of the trigonometric functions of an angle in standard position with the given measure : c) -60° b) 260° a) 540 549
a) What are the requirements for corporations to file a consolidated tax return? b) What if...
a) What are the requirements for corporations to file a consolidated tax return? b) What if any benefits are there to filing a consolidated ta return? c) Can a non-US corporation join in the filing of a consolidated tax return? d) How do you determine if a corporation has goodwill for tax purposes? e) Assume a corporation records goodwill of $18,000,000 in the current year for an acquisition made on June 30. How much if any of the goodwill is...
What steps should you take when completing a tax return? When preparing a tax return, it is important to complete each step in the order prescribed. Click in each entry field then type the prescribed step. Step A: Determine Adjusted Gross Income Less Equals Less Larger of itemized deductions or standard deduction Step B: Calculate Taxable Income Less Equals Step C: Calculate Tax Liability Calculate tax using tax tables or tax rate schedules | Less Plus Equals
Determine the signs of the trigonometric functions of an angle in standard position with the given measure. See Example 6 . -640°
13. Determine the signs of the trigonometric functions of an angle in standard position with the given measure : c) -60° b) 260° a) 540 549
Most questions answered within 3 hours.
-
Programming in C#
Create a Money class that has as data members dollars and cents.
Include...
asked 25 seconds ago -
A research associate working for Intragene Therapeutics prepares
an investigative PCR reaction to screen human tissue...
asked 9 minutes ago -
Calculate the mass of sodium benzoate, NaC6H5COO, that must be
added to 500.0mL of 0.100 M...
asked 10 minutes ago -
Four transactions are presently running: (The abbreviation R(A)
means Read(A), and so on)
• T1: R(A),R(B),R(J),W(A),W(B),R(D),R(E),R(G)...
asked 25 minutes ago -
A study regarding the relationship between age and the amount of
pressure sales personnel feel in...
asked 39 minutes ago -
A 2014 Pew study found that the average US Facebook user has 338
friends. The study...
asked 42 minutes ago -
Please be very detailed and thorough
For a future/planned mission (not yet launched):
Link: Provide the...
asked 43 minutes ago -
In x86 Assembly Language:
Develop a program that uses four signed, global, short variables
A, B,...
asked 46 minutes ago -
Draw the most stable conformation for
(1,1-dimethylethyl)cyclohexane.
asked 49 minutes ago -
1a)
. State the difference (IN YOUR OWN
WORDS) between
-absolute advantage and comparative
advantage.
-between...
asked 1 hour ago -
Calculate the mass of 11.3 mL of a liquid with a density of 8
g/mL. INCLUDE...
asked 1 hour ago -
In the movie "Is America Number One" we see a continued reliance
on a concept that...
asked 1 hour ago