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You value property involved in a gift transaction and file a gift tax return using that value. On subsequent audit, the IRS determines that the
You value property involved in a gift transaction and file a gift tax return using that value. On subsequent audit, the IRS determines that the property has been substantially undervalued. What is the penalty imposed by IRC ?
A. 5%
B. 10%
C. 15%
D. 20%
C. 15%
D. 20%
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