Federal Tax Research 10th Edition by Steven Gill, Gerald Whittenburg, Roby Sawyers, Debra Sanders, William Raabe

تمرين 28

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.