It sounds to me like people are answering completely different questions here.
If you disregard the buoyancy of the lead, 50# of lead is 50# negatively buoyant. As SB said, this conveniently simplifies the math needed either way.
The question as it was asked by the OP was: "What amount of lead (disregarding the water displaced by the mass of the lead) would be required to add 20 kg/50 lbs of negative buoyancy to the object?"
The answer to that question is 50# of lead. Admittedly, it's possible to also read "add 50lb of negative buoyancy" as meaning the same thing as below, but the ambiguity in the wording makes it a prime candidate for a valid challenge. You simply can't argue that one interpretation is correct to the exclusion of the other.
What Sparticle is doing, is assuming (probably correctly) that either the OP incorrectly recited the question or that the question was originally framed poorly in the exam. The question SB answers is, and what is probably intended by the original question stem is: "What amount of lead (disregarding the water displaced by the mass of the lead) would be required to make the object a total of 20 kg/50 lbs negatively buoyant?"
So, those of you who answered 50#, you pass the reading comprehension portion of the exam. For those who answered 53#, you pass the deductive reasoning section.
Does that sound reasonable?