What is the IRS guideline for determining whether a tax return position has substantial authority?
A)A person knowledgeable in the tax law concludes that the position has a something less than 50% likelihood of being supported.
B)A person knowledgeable in the tax law concludes that the position has at least a 50% likelihood of being supported.
C)A person knowledgeable in the tax law concludes that the position has at least a two-thirds likelihood of being supported.
D)A person knowledgeable in the tax law concludes that the position has at least a 75% likelihood of being supported.

Question

Quizplus · Accepted Answer

Substantial authority exists if the weight of authorities supporting the position is substantial in relation to the weight of authorities opposing it, which is generally considered to be less than a 50% likelihood.

What Is the IRS Guideline for Determining Whether a Tax