Select the best answer When a tax preparer works on a tax return that includes reporting a transfer by gift, the tax preparer usest client's valuation. Since the client furnished the valuation, if the gift was undervalued: A. no penalties can be imposed on the tax preparer. B. the tax preparer can be penalized for understatement O C. the tax preparer cannot be penalized unless he signed as a Certified Valuation Analyst. U