14-32. Compute the overvaluation penalty for each of the following independent cases involving the taxpayers reporting of the fair market value of charitable-contribution property. In each case, assume a marginal income tax rate of 35 percent.

Taxpayer a. Individual

b. C Corporation

c. S Corporation

d. Individual

e. Individual

f. C Corporation

Corrected IRS Value $30,000 30,000 40,000 150,000 150,000 150,000

Reported Valuation $40,000 50,000 50,000 210,000 250,000 900,000