Susan, a calendar year taxpayer subject to a 34 percent marginal tax rate, claimed a charitable contribution deduction for $170,000 for a sculpture that the IRS later valued at $100,000. Compute the applicable over valuation penalty.

Which of the following statements are false regarding activity-based costing? non-manufacturing costs are important to include when calculating the cost of each product. costs are allocated based on a pre-determined overhead rate. transitioning from traditional costing methods to activity-based costing can be complicated and costly. activity-based costing follows the same basic calculation methods as traditional costing approaches. none of the above