The Taxpayer Can Avoid a Valuation Penalty for Overstating the Value

question 116

Short Answer

The taxpayer can avoid a valuation penalty for overstating the value of the charitable contribution of an artwork by showing that the deduction claimed was based on a qualified .

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Definitions:

Excludable

An excludable good is one from which individuals can be prevented from using if they do not pay for it.

Rival In Consumption

A characteristic of a good or service that means its consumption by one individual prevents simultaneous consumption by another individual.

Private Good

A product or service that is consumed by one individual without providing benefit to others and is subject to exclusion and rivalry.

Fish Fillet

A piece of fish that has been cut or sliced away from the bone, often prepared as a food item.