27. Jumbo, who is subject to a 50 percent marginal gift tax rate, made a gift of...

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27. Jumbo, who is subject to a 50 percent marginal gift tax rate, made a gift of a sculpture to Curly, valuing the property at $100,000. The IRS later valued the gift at $500,000. Compute the applicable undervaluation 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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