George,a calendar year taxpayer subject to a 40% marginal gift tax rate,made a gift of a sculpture to Redd,valuing the property at $100,000.The IRS later valued the gift at $140,000.The applicable undervaluation penalty is:
A) $0.
B) $1,000 (minimum penalty) .
C) $4,000.
D) $20,000.
Correct Answer:
Verified
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