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

تمرين 49

Krista, who is subject to a 40 percent marginal gift tax rate, made a gift of a sculpture to Ann, valuing the property at $100,000. The IRS later valued the gift at $500,000. Compute the applicable undervaluation penalty.