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IRS.gov Website
Publication 561
taxmap/pubs/p561-003.htm#TXMP15fb663b

Penalty(p11)

rule
You may be liable for a penalty if you overstate the value or adjusted basis of donated property.
taxmap/pubs/p561-003.htm#TXMP543c7ad5

20% penalty.(p11)

rule
The penalty is 20% of the underpayment of tax related to the overstatement if:
taxmap/pubs/p561-003.htm#TXMP4b514aa0

40% penalty.(p11)

rule
The penalty is 40%, rather than 20%, if: