300600720800None of the aboveNo gain is recognized by Francis in this reorganiza

300600720800None of the aboveNo gain is recognized by Francis in this reorganization.Francis reports a $40000 recognized dividendFrancis reports a $40000 recognized capital gain.Francis reports a $35000 recognized dividend and a $5000 capital gain.None of the above$39000$35000$23000$0None of the aboveThe penalty rate is 20%.The penalty is imposed only on the part of the deficiency attributable to negligence.The penalty applies only to intentional tax understatements by the taxpayer.The penalty is waived if the taxpayer uses Form 8275 to disclose a return position that is reasonable though contrary to the IRS position.None of the above