Problem: Cheryl (a calendar year taxpayer) donates a statue to a local art museum (a qualified charity). The statue cost Cheryl $13,000 ten years ago and, according to one of Cheryl’s friends (an amateur artist), is worth $50,000. On her income tax return, Cheryl deducts $50,000 as a charitable contribution. Upon later audit by the IRS, it is determined that the true value of the painting was $20,000. Assuming that Cheryl is subject to a 35% marginal income tax rate, what is her penalty for overvaluation?