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Malik, Inc., a calendar year C corporation subject to a 35% marginal income tax rate,...

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Accounting

Malik, Inc., a calendar year C corporation subject to a 35% marginal income tax rate, claimed a Form 1120 charitable contribution deduction of $30,000 for a sculpture that the IRS later valued at $10,000. The applicable overvaluation penalty is:
A. $7,000
B. $0
C. $10,000 (minimum penalty)
S. $20,000

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