Identify Which of the Following Statements Is False

question 82

Multiple Choice

Identify which of the following statements is false.

• A)A C corporation short-year income tax liability must be determined on an annualized basis.
• B)If the termination of an S election is considered to be inadvertent, then the election is permitted to continue in place as if the termination had never occurred.
• C)If an S election is terminated and the termination is not considered to be inadvertent, a ten-tax-year waiting period is required before making a new election.
• D)A corporation can obtain relief for a late S election if the IRS consents.

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Definitions:

Market Price

The going rate at which an asset or service can be acquired or disposed of in a certain market.

Marginal Product

The additional output gained by employing one more unit of a specific input, holding all other inputs constant.

Market Wage

The average wage earned by workers in a specific market or industry, determined by the supply and demand for labor in that market.

Market Price

The current price at which an asset or service can be bought or sold in a particular market, determined by supply and demand forces.