Applicable overvaluation penalty

Reference no: EM13145072

Ron, a calendar year taxpayer subject to a 35% marginal tax rate, claimed a charitable contribution deduction of $500,000 for a sculpture that the IRS later valued at $150,000. The applicable overvaluation penalty is:

a) $10,000 (maximum penalty).

b) $24,500.

c) $49,000.

d) $122,500.

Reference no: EM13145072

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