Underpayment is defined in § 6664 as the correct amount of tax, less the sum of the amount of tax reported by the taxpayer on the return, plus any amount previously assessed or collected, less the amount of rebates made.

Question

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Underpayment is calculated as the correct tax amount minus the sum of the reported tax, any previously assessed or collected amounts, and rebates, as defined in § 6664.

Underpayment Is Defined in § 6664 as the Correct Amount