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Problem 1: Malik, Inc., a calendar year C corporation subject to a 21% flat income tax rate, claimed a Form 1120 charitable contribution deduction of $40,000 for a sculpture that the IRS later valued at $10,000. The applicable overvaluation penalty is:
a. $0.
b. $1,260.
c. $1,680.
d. $2,520.
e. $3,360.
Problem 2: The tax penalty imposed on appraisers:
a. Can be as much as 125% of the appraisal fee that was charged.
b. Is waived if the taxpayer also was charged with his or her own valuation penalty.
c. Equals 25% of the appraised value of the property, with a $10,000 minimum penalty.
d. Applies only if the appraiser actually knew that the appraisal would be used in preparing a Federal income tax return.
e. Is imposed only with respect to gift and estate tax returns.
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