Publication 561 |
2001 Tax Year |
Penalties
You may be liable for a penalty if you overstate the value or
adjusted basis of donated property.
20% penalty.
The penalty is 20% of the underpayment of tax related to the
overstatement if:
- The value or adjusted basis claimed on the return is 200%
or more of the correct amount, and
- You underpaid your tax by more than $5,000 because of the
overstatement.
40% penalty.
The penalty is 40%, rather than 20%, if:
- The value or adjusted basis claimed on the return is 400% or
more of the correct amount, and
- You underpaid your tax by more than $5,000 because of the
overstatement.
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