LO.6 Baez, a cash basis, calendar year taxpayer, filed his Federal income tax return 48 days after the due date. Baez never extended his return, and he paid the taxes that were due when he filed the return. What penalty will Baez incur, and how much will he have to pay if his additional tax is $10,000? Disregard any interest he must pay.

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter17: Tax Practice And Ethics
Section: Chapter Questions
Problem 26P
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LO.6 Baez, a cash basis, calendar year taxpayer, filed his Federal income tax return 48 days after the due
date. Baez never extended his return, and he paid the taxes that were due when he filed the return. What
penalty will Baez incur, and how much will he have to pay if his additional tax is $10,000? Disregard any
interest he must pay.
Transcribed Image Text:LO.6 Baez, a cash basis, calendar year taxpayer, filed his Federal income tax return 48 days after the due date. Baez never extended his return, and he paid the taxes that were due when he filed the return. What penalty will Baez incur, and how much will he have to pay if his additional tax is $10,000? Disregard any interest he must pay.
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