Juanita, who is subject to a 35% marginal gift tax rate, made a gift of a sculpture to Bianca, valuing the property at $150,000.The IRS later valued the gift at $300,000.The applicable undervaluation penalty is:

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The Answer of Juanita, who is subject to a 35% marginal gift tax rate, made a gift of a sculpture to Bianca, valuing the property at $150,000.The IRS later valued the gift at $300,000.The applicable undervaluation penalty is:

Juanita, Who Is Subject to a 35% Marginal Gift Tax