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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Federal Tax Research

ISBN: 9780324659658

8th Edition

Authors: William A. Raabe, Gerald E. Whittenburg, Debra L. Sanders

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