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Assessing additional taxes

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The IRS is assessing additional taxes, interest, and penalties against Leona. She is outraged because in her opinion, "Only the little people pay taxes!" She is further outraged because she relied on an article in Time magazine and followed that advice in taking one of her return positions and disclosed that on the return. After calming her down, you must explain which authorities do and do not have "precedential value." How do you do that? What would be your response to your client?

Reference no: EM133246845

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