Michelle, a calendar year taxpayer subject to a 30% marginal income tax rate, claimed a Form 1040 charitable contribution deduction of $275,000 for a sculpture that the IRS later valued at $200,000.The applicable overvaluation penalty is:

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The Answer of Michelle, a calendar year taxpayer subject to a 30% marginal income tax rate, claimed a Form 1040 charitable contribution deduction of $275,000 for a sculpture that the IRS later valued at $200,000.The applicable overvaluation penalty is:

Michelle, a Calendar Year Taxpayer Subject to a 30% Marginal