On August 13 of the Following Year, Joy Files Her

question 42

Essay

On August 13 of the following year, Joy files her current calendar-year tax return and pays the amount due without having requested an extension. The tax shown on her return is $25,000. Her current-year withholding tax is $15,000. Joy pays no estimated taxes and does not claim any tax credits on her current-year return. Will Joy owe interest, and if so, on what amount and for how many days?

---

Definitions:

Land Registration

The process of recording the ownership, possession, and other rights of land into an official register to ensure legal certainty and protect property rights.

Intangible

Something that cannot be touched or physically measured, such as intellectual property or goodwill.

Joint Tenants

A form of co-ownership where parties own property in equal shares and have the right of survivorship, meaning if one owner dies, the property automatically passes to the surviving owner(s).

Tenants in Common

A form of co-ownership where each owner holds an individual, undivided ownership interest in the property, which can be passed to their heirs.