Lisa,a calendar year taxpayer subject to a 33% marginal Federal income tax rate,claimed a Form 1040 charitable contribution deduction of $250,000 for a sculpture that the IRS later valued at $160,000.The applicable overvaluation penalty is:

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The Answer of Lisa,a calendar year taxpayer subject to a 33% marginal Federal income tax rate,claimed a Form 1040 charitable contribution deduction of $250,000 for a sculpture that the IRS later valued at $160,000.The applicable overvaluation penalty is:

Lisa,a Calendar Year Taxpayer Subject to a 33% Marginal Federal