A position with a reasonable basis has which of the following characteristics? - it is approximately a one-in-three likelihood of being sustained - it is a genuine, more than a merely arguable and is not a merely colorable claim - Authorities s

A position with a reasonable basis has which of the following characteristics? - it is approximately a one-in-three likelihood of being sustained - it is a genuine, more than a merely arguable and is not a merely colorable claim - Authorities s

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 19MCQ: If a U.S. Tax Court agrees with the taxpayer on appeal that the IRS position was largely...

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Question

A position with a reasonable basis has which of the following characteristics?

- it is approximately a one-in-three likelihood of being sustained

- it is a genuine, more than a merely arguable and is not a merely colorable claim

- Authorities supporting the position are substantial in relation to the weight of the authorities supporting contrary treatment

- never result In taxpayer penalty

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