Below are independent cases involving the fair market value of charitable contribution of property. Corrected IRS Value Reported Valuation Applicable Tax Rate Taxpayer 35% a. b. c. Individual C corporation S corporation $40,000 30,000 40,000 150,000 $50,000 50,000 50,000 Individual 200,000 e. Individual 150,000 250,000 750,000 f. C corporation 150,000 Compute the overvaluation penalty for each taxpayer. If there is no penalty, enter "0". Reported Valuation Overvaluation Penalty Individual $50,000 C corporation 50,000 S corporation 50,000 Individual 200,000 Individual 250,000 C corporation 750,000 Below are independent cases involving the fair market value of charitable contribution of property. Corrected IRS Value Reported Valuation Applicable Tax Rate Taxpayer 35% a. b. c. Individual C corporation S corporation $40,000 30,000 40,000 150,000 $50,000 50,000 50,000 Individual 200,000 e. Individual 150,000 250,000 750,000 f. C corporation 150,000 Compute the overvaluation penalty for each taxpayer. If there is no penalty, enter "0". Reported Valuation Overvaluation Penalty Individual $50,000 C corporation 50,000 S corporation 50,000 Individual 200,000 Individual 250,000 C corporation 750,000