Lisa,a Calendar Year Taxpayer Subject to a 33% Marginal Federal

question 132

Multiple Choice

Lisa,a calendar year taxpayer subject to a 33% marginal Federal income tax rate,claimed a Form 1040 charitable contribution deduction of $250,000 for a sculpture that the IRS later valued at $160,000.The applicable overvaluation penalty is:

• A)$0.
• B)$6,000.
• C)$10,000 (maximum penalty).
• D)$12,000.

---

Definitions:

Ancient Greek

Referring to the civilization of Greece in the classical and pre-classical periods, known for its significant contributions to art, philosophy, politics, and science.

Imposing Will

The act of enforcing one's desires or decisions upon others, often disregarding their consent or preferences.

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, transforming economies, societies, and manufacturing processes.

Migration Movement

The process of movement by people from one place to another with the intentions of settling, permanently or temporarily, at a new location.