Quon Filed His Federal Income Tax Return on Time, but He

question 61

Essay

Quon filed his Federal income tax return on time, but he did not remit the full balance due. Compute Quon's failure to pay penalty in each of the following cases. The IRS has not yet issued a deficiency notice.
a. Three months late, $5,000 additional tax due.
b. Nine months late, $5,000 additional tax due.
c. Five years late, $5,000 additional tax due.

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Definitions:

Fertilizers

Substances added to soil to supply essential nutrients to plants, promoting growth and increasing crop yield.

Irrigation

The artificial application of water to land or soil, used to assist in the growing of agricultural crops and the maintenance of landscapes.

Plow

A farming tool used for cutting, lifting, and turning over soil, mainly in preparation for planting.

Microlith

Small, finely crafted stone tools, typically part of composite tools, used by prehistoric peoples.