Gerald requests an extension for filing his lastyear's individual income tax return. His tax liability is$10,000, of which$8,000 waswithheld, leaving a balance due of$2,000 when he files on August 1 of the current year. His penalty for failure to pay the tax on time is

Gerald requests an extension for filing his last year's individual income tax return. His tax liability is $10,000, of which $8,000 tax on time is was withheld, leaving a balance due of $2,000 when he files on August 1 of the current year. His penalty for failure to pay the O A. $40. O B. $300. O C. $400. O D. $0