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Federal Tax Research 10th Edition by Steven Gill, Gerald Whittenburg, Roby Sawyers, Debra Sanders, William Raabe
Edition 10ISBN: 9781285439396Federal Tax Research 10th Edition by Steven Gill, Gerald Whittenburg, Roby Sawyers, Debra Sanders, William Raabe
Edition 10ISBN: 9781285439396 Exercise 31
Samantha, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable-contribution deduction of $170,000 for a sculpture that the IRS later valued at $100,000. Compute the applicable overvaluation penalty.
Explanation
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Over-valuation penalty is applies when a...
Federal Tax Research 10th Edition by Steven Gill, Gerald Whittenburg, Roby Sawyers, Debra Sanders, William Raabe
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