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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