Arnold made a charitable contribution of property that he valued at $70,000.He deducted this amount as an itemized deduction on his tax return.The IRS can prove that the real value of the property is $40,000.Arnold is in the 35% income tax bracket.Determine Arnold's amount due for both tax and any penalty.

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The Answer of Arnold made a charitable contribution of property that he valued at $70,000.He deducted this amount as an itemized deduction on his tax return.The IRS can prove that the real value of the property is $40,000.Arnold is in the 35% income tax bracket.Determine Arnold's amount due for both tax and any penalty.

Arnold Made a Charitable Contribution of Property That He Valued