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Malik, Inc., a calendar year C corporation subject to a 21% marginal income tax rate,...

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Accounting

Malik, Inc., a calendar year C corporation subject to a 21% 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. $0.

b. $4,200.

c. $10,000

d. $20,000.

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