LO.6 Compute the overvaluation penalty for each of the following independent cases involving the fair market value of charitable contribution property. Taxpayer Corrected IRS Value Reported Valuation Applicable Tax Rate a. Individual $ 40,000 $ 50,000 35% b. C corporation 30,000 50,000 21 C. S corporation 40,000 50,000 35 d. Individual 150,000 200,000 35 e. Individual 150,000 250,000 35 f. C corporation 150,000 750,000 21
LO.6 Compute the overvaluation penalty for each of the following independent cases involving the fair market value of charitable contribution property. Taxpayer Corrected IRS Value Reported Valuation Applicable Tax Rate a. Individual $ 40,000 $ 50,000 35% b. C corporation 30,000 50,000 21 C. S corporation 40,000 50,000 35 d. Individual 150,000 200,000 35 e. Individual 150,000 250,000 35 f. C corporation 150,000 750,000 21
Chapter22: S Corporations
Section: Chapter Questions
Problem 9DQ
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Transcribed Image Text:LO.6 Compute the overvaluation penalty for each of the following independent cases involving the fair
market value of charitable contribution property.
Taxpayer
Corrected IRS Value
Reported Valuation
Applicable
Tax Rate
a.
Individual
$ 40,000
$ 50,000
35%
b.
C corporation
30,000
50,000
21
C.
S corporation
40,000
50,000
35
d.
Individual
150,000
200,000
35
e.
Individual
150,000
250,000
35
f.
C corporation
150,000
750,000
21
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