John a calendar-year taxpayer subject to a 34 percent, Financial Accounting

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John a calendar-year taxpayer subject to a 34 percent

John, a calendar-year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable-contribution deduction of $15,000 for a sculpture that the IRS later valued at $10,000. Compute the applicable overvaluation penalty. Show your calculation.

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Financial Accounting: John a calendar-year taxpayer subject to a 34 percent

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Financial Accounting: John a calendar-year taxpayer subject to a 34 percent

Reference No:- TGS0999685

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