Question: Problem 2 6 - 2 3 ( LO . 6 ) Olivia, a calendar year taxpayer, does not file her 2 0 2 1 Form

Problem 26-23(LO.6)
Olivia, a calendar year taxpayer, does not file her 2021 Form 1040 until December 12,2022. At this point, she pays the $40,000 balance due on her 2021 tax liability of $70,000. Olivia did not apply for nor obtain any extension of time for filing the 2021 return. When questioned by the IRS on her delinquency, Olivia asserts: "If I was too busy to file my regular tax return, I was too busy to request an extension." b. If Olivia is liable for the failure to file penalty and/or the failure to pay penalty, the total penalty amount would be $

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