CPA REG Practice Questions - AICPA CPA Exam - Regulation (REG) Core Section Exam

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Under IRC §6662, the accuracy-related penalty for substantial understatement of income tax (individual) generally applies when the understatement exceeds:

10% of tax required to be shown OR $5,000, whichever is greater 5% of tax required to be shown OR $5,000, whichever is less 20% of tax required to be shown $$10,000 in any case

Correct Answer:

10% of tax required to be shown OR $5,000, whichever is greater

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