John, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable-contribution deduction of
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John, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable-contribution deduction of $15,000 for a sculpture that the IRS later valued at $10,000. Compute the applicable overvaluation penalty.
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The one of the basic rationale behind overvaluation penalty is to prohibiting taxpayers from inflati...View the full answer
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