Nancy Norris gives a painting to a church and takes a charitable contribution in the amount of $150,000. If the actual value was only $50,000 and if the tax underpayment is $40,000, how much valuation overstatement penalty should she pay?

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The Answer of Nancy Norris gives a painting to a church and takes a charitable contribution in the amount of $150,000. If the actual value was only $50,000 and if the tax underpayment is $40,000, how much valuation overstatement penalty should she pay?

Nancy Norris Gives a Painting to a Church and Takes