Tommy gives a painting to a church and takes a charitable contribution deduction in the amount of$
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Tommy gives a painting to a church and takes a charitable contribution deduction in the amount of$ 50,000. If the actual value was only $20,000 and if the tax underpayment is $12,000, how much valuation overstatement penalty should he pay?
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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