Without Obtaining an Extension,Lisa Files Her Income Tax Return 45

question 119

Essay

Without obtaining an extension,Lisa files her income tax return 45 days after the due date.With her return,she pays an additional tax of $40,000.Disregarding any interest element,what is Lisa's penalty for failure to pay and to file?

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Definitions:

Foramen Ovale

An opening in the septum between the two atria of the heart in a fetus, allowing blood to bypass the lungs.

Optic Canal

A narrow passageway in the skull through which the optic nerve and ophthalmic artery pass to the eye.

Sella Turcica

A saddle-shaped depression in the sphenoid bone at the base of the human skull, holding the pituitary gland.

Cribriform Plate

A sievelike structure within the skull that provides a passageway for olfactory nerves from the nasal cavity to the brain.