Greg, who is subject to a 35 percent marginal gift tax rate, made a gift of a

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Greg, who is subject to a 35 percent marginal gift tax rate, made a gift of a sculpture to Karen, valuing the property at $80,000. The IRS later valued the gift at $150,000. Compute the applicable undervaluation penalty.

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Federal Tax Research

ISBN: 9781337282987

11th Edition

Authors: Roby Sawyers, Steven Gill

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