Ivy timely filed for an extension, then filed her 20X1 Form 1040 return on 7/30/20X2. This return showed tax was due of $60,000, which Ivy did not pay until 1/30/20X3. How much is the penalty under 6651(a)(2), including applicable adjustments under Sec 6651 (rounded to the nearest dollar)?  

Answer rating: 100% (QA)

The penalty under 6651a2 is calculated as follows 1 Determine the number of months the ta... View the full answer