George, a calendar year taxpayer subject to a 45% 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) $7,200.
B) $3,600.
C) $1,000 (minimum penalty) .
D) $0.
Correct Answer:
Verified
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