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(Solved by Expert Tutors) 14-24. John, a calendar-year taxpayer subject to a 34 percent marginal t


deduction of $15,000 for a sculpture that the IRS later valued at $10,000. Compute the applicable overvaluation penalty.

14-27. Beth, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable-contribution deduction of $600,000 for a sculpture that the IRS later valued at $100,000. Compute the applicable over- valuation penalty.

 


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Apr 19, 2020

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