Problem 17-29 (LO. 6) Below are independent cases involving the fair market value of charitable contribution of property Corrected Reported Applicable a. Taxpayer Individual IRS Value Valuation Tax Rate $40,000 $50,000 35% b. C corporation 30,000 50,000 21 C. S corporation 40,000 50,000 35 d. Individual 150,000 200,000 35 e. Individual 150,000 250,000 35 f. C corporation 150,000 750,000 21 Compute the overvaluation penalty for each taxpayer. If there is no penalty, enter "0". Reported Overvaluation Valuation Penalty a. Individual $50,000 0 b.. C corporation 50,000 0 C. S corporation 50,000 3,500 X d. Individual 200,000 17,500 X e. Individual 250,000 100,000 X f. C corporation 750,000 210,000 X