Sure, during the audit process, the field investigator will ensure an audit trail that verifies all numbers, all the way back to the source, as necessary.
There will be a source organization that has reported this income (further that has deducted what should be ordinary and necessary business expenses
in order to arrive at the distributive share on the k-1.
Calculating the probabilities of that are nearly impossible (without knowing your experience with the IRS, the company's experience with the IRS, whether the company's calculations to arrive at the distributive share on the K-1 is questionable, etc.etc.)
In terms of your last questions, they will only ask for the amounts owed and penalties of late payment UNLESS they believe that this was done with intent, knowledge or purpose. (Then you've crossed the line to tax
EVASION, rather than simple mistake.
Hope this helps.
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