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Question Content Area Lola, a calendar year taxpayer subject to a 40% marginal...

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Accounting

Question Content Area
Lola, a calendar year taxpayer subject to a 40% marginal Federal gift tax rate, made a gift of a sculpture to Redd, valuing the property at $70,000. The IRS later valued the gift at $100,000. The applicable undervaluation penalty is:
a. $0.
b. $1,000(minimum penalty).
c. $2,400.
d. $12,000.

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