Ron,a calendar year taxpayer subject to a 35% marginal tax rate,claimed a charitable contribution deduction of $500,000 for a sculpture that the IRS later valued at $150,000.The applicable overvaluation penalty is:
A) $10,000 (maximum penalty) .
B) $24,500.
C) $49,000.
D) $122,500.
Correct Answer:
Verified
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