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Silvio, a cash basis calendar year taxpayer, filed his income tax return 75 days after the due date. He never extended his return, and with
Silvio, a cash basis calendar year taxpayer, filed his income tax return 75 days after the due date. He never extended his return, and with the return, he paid the full amount of taxes that were due. How much is the penalty if his additional tax is $5,000? Disregard any additional interest he must pay.
a. $0
b. $300
c. $750
d. $1,500
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