14-29. Greg, who is subject to a 35 percent marginal gift tax rate, made a gift of a sculpture to Karen, valuing the property at $80,000. The IRS later valued the gift at $150,000. Compute the applicable undervaluation penalty.

14-35. Compute Danas total penalties. She underpaid her tax by $50,000 as a result of negligence and by $150,000 as a result of civil fraud.