Identify Which of the Following Statements Is False

question 72

Multiple Choice

Identify which of the following statements is false.

• A)The election form can be signed by a person authorized to sign the S corporation tax return.
• B)An S election is filed by the corporation by using Form 2553 on or before the due date (without regard to any extensions)for the corporate tax return for the tax year in question.
• C)An S corporation must file a tax return for any year in which the S corporation is in existence.
• D)The IRS can grant extensions of time of filing shareholder consents to the S election.

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Definitions:

Gross Income

The total income earned by an individual or organization before any deductions, such as taxes or expenses, are applied.

U.S. Census Bureau

A key institution in the U.S. Federal Statistical System that creates statistical data on the American population and economic activities.

Disposable Income

The total funds available to households for saving and spending after subtracting income taxes.

Necessities

Items or services that are essential for basic human survival and functioning, such as food, water, and shelter.