22. Shorty, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable contribution
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22. Shorty, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable contribution deduction of $400,000 for a sculpture that the IRS later valued at $150,000. Compute the applicable overvaluation penalty.
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Related Book For
Federal Tax Research
ISBN: 9780324659658
8th Edition
Authors: William A. Raabe, Gerald E. Whittenburg, Debra L. Sanders
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