Question
Malik, Inc., a calendar year C corporation subject to a 35% marginal income tax rate, claimed a Form 1120 charitable contribution deduction of $30,000 for
Malik, Inc., a calendar year C corporation subject to a 35% marginal income tax rate, claimed a Form 1120 charitable contribution deduction of $30,000 for a sculpture that the IRS later valued at $10,000. The applicable overvaluation penalty is:
A. $7,000
B. $0
C. $10,000 (minimum penalty)
S. $20,000
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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
41st Edition
978-1337385947, 1337390046, 1337385948, 9781337390040, 978-1337385985
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