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

تمرين 43

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.