Juanita, who is subject to a 40% marginal Federal 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:
A) $24,000.
B) $12,000.
C) $10,000 (maximum penalty) .
D) $0.
Correct Answer:
Verified
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