Beth, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable-contribution deduction of

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Beth, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable-contribution deduction of $600,000 for a sculpture that the IRS later valued at $100,000. Compute the applicable overvaluation penalty.

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Federal Tax Research

ISBN: 9781337282987

11th Edition

Authors: Roby Sawyers, Steven Gill

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