Identify Which of the Following Statements Is True

question 65

Multiple Choice

Identify which of the following statements is true.

• A)A partnership is not required to file a return if the partnership has no income for the year.
• B)The "automatic" extension period for filing an individual return is five months.
• C)Individuals and corporations may obtain six-month extensions for paying taxes and filing their returns for the taxable year by filing the appropriate extension requests.
• D)All of the above are false.

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Definitions:

Equilibrium

A state in a market or economy where supply equals demand, and there is no incentive for change under current conditions.

Coconuts

Often used in economic models and examples, referring to a simplistic commodity to illustrate principles of trade, investment, or resource allocation.

Equilibrium

A condition or state in which economic forces such as supply and demand are balanced, resulting in a stable market.

Coconuts

A large tropical fruit with a hard shell, edible white flesh, and clear liquid, often used in food and drink preparations.