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Discussion Question 2 8 - 8 ( LO . 6 ) Which of the valuation penalties is likely to arise when an aggressive taxpayer reports
Discussion Question LO
Which of the valuation penalties is likely to arise when an aggressive taxpayer reports a charitable contribution, a business deduction or a taxable gift to a friend? Select "Overvaluation" or "Undervaluation," whichever is applicable.
a A charitable contribution
b A business deduction
c A taxable gift to a friend
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