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Tax Court Clarifies Murky Tax Under-Reporting Penalty

By Matthew Villmer (November 18, 2013, 7:09 PM EST) -- In a divided opinion Monday, the U.S. Tax Court ruled that the 20 percent penalty for under-reporting is calculated by looking at the amount shown as tax on a return, minus certain refundable credits, but that those credits can't reduce the number to below zero....

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