Identify Which of the Following Statements Is False

question 43

Multiple Choice

Identify which of the following statements is false.

• A)An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year.
• B)An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040.
• C)An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments.
• D)An S corporation cannot use the prior-year tax liability exception when determining the required payment to be made with respect to the built-in gains tax.

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Definitions:

Inside Address

The recipient's address in a letter, typically placed below the sender's address or at the top left of the letter.

Addressee's

Referring to the recipient of a letter or message.

Business Affiliation

A relationship between businesses, such as partnerships or memberships in associations, that can influence company operations and networking.

Double-spaced

Refers to text formatting where there is a full blank line between each line of text, commonly used in document formatting for readability.