Marcella (a calendar year taxpayer) purchased a sculpture for $5,000. When the sculpture is worth $12,000 (as later determined by the IRS), Marcella donates it to the Peoria Museum of Art, a public charity. Based on the appraisal of a friend, Marcella deducts $38,000 for the donation. Because Marcella was in the 24% marginal Federal income tax bracket, overstating the deduction by $26,000 results in a tax underpayment of $6,240.
Compute Marcella's overvaluation penalty.
Answers: 3
Another question on Business
Business, 21.06.2019 21:40
Torino company has 1,300 shares of $50 par value, 6.0% cumulative and nonparticipating preferred stock and 13,000 shares of $10 par value common stock outstanding. the company paid total cash dividends of $3,500 in its first year of operation. the cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is:
Answers: 2
Business, 22.06.2019 09:50
Acar manufacturer uses new machines that automatically assemble an engine from parts fed to the system. the machine can regulate the speed ofassembly depending on the number of parts produced. which type of technology does this machine use? angenoem mense wat ons in matin en esta va ser elthe machine uses
Answers: 3
Business, 22.06.2019 16:30
Why are there so many types of diversion programs for juveniles
Answers: 2
You know the right answer?
Marcella (a calendar year taxpayer) purchased a sculpture for $5,000. When the sculpture is worth $1...
Questions
Chemistry, 05.02.2021 04:50
Business, 05.02.2021 04:50
Spanish, 05.02.2021 04:50
History, 05.02.2021 04:50
Mathematics, 05.02.2021 04:50
English, 05.02.2021 04:50
Mathematics, 05.02.2021 04:50
Mathematics, 05.02.2021 04:50
Mathematics, 05.02.2021 04:50
