A Calendar-Year Individual Taxpayer Files Last Year's Income Tax Return

question 71

Multiple Choice

A calendar-year individual taxpayer files last year's income tax return on July 1 of the current year. No extension was requested, and there is not a reasonable cause for the late filing. The return shows a balance due of $800 of tax. The late filing penalty is

• A)$0.
• B)$40.
• C)$80.
• D)$120.