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Problem - Marcella (a calendar year taxpayer) purchased a sculpture for $5,000. When the sculpture is worth $12,000 (as later determined by the IRS), Marcella donates it to the Peoria Museum of Art, a public charity. Based on the appraisal of a friend, Marcella deducts $38,000 for the donation. Because Marcella was in the 24% marginal Federal income tax bracket, overstating the deduction by $26,000 results in a tax underpayment of $6,240.
Required -
a. Compute Marcella's overvaluation penalty.
b. Construct a Microsoft Excel formula that will compute the penalty for all noncorporate taxpayers.
It pays a trustee fee of $5,000 which the trust agreement directs must be paid from trust principal. How much is the trust's accounting income?
Should companies manage fixed assets with the same level of rigor as inventory? Why or why not?
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