M&M Corporation filed its Form 1120 on October 15. The return was due on April 15. The corporation did not file for an extension with Form 7004. The corporation owed $3,500 in federal income taxes. What is the amount of the late filing penalty (without regard to any late payment penalties, if there is any) M&M owes for the late filing of the corporate tax return? Question 48Select one: a. $ 700 b. $1,050 c. $ 875 d. $ 450