Identify Which of the Following Statements Is False

question 55

Multiple Choice

Identify which of the following statements is false.

• A)The IRS will not issue a ruling on the topic of whether compensation is reasonable.
• B)Tax returns for all taxpayers must be filed on or before the fifteenth day of the fourth month following the year-end.
• C)A corporation must file a tax return even if it has no gross income.
• D)Extensions of time for filing tax returns may be obtained.

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Definitions:

Maximizing Current Profit

A business strategy that focuses on generating the highest possible profit in the short term, sometimes at the expense of long-term viability.

Pricing Objective

The financial and marketing goals a company aims to achieve through its pricing strategies.

Profit Goal

A profit goal is a target set by a business for the net income it aims to achieve within a specific period, often driving strategy and decision-making.

Achieving A Target Return

In finance and business, achieving a target return refers to the goal of obtaining a specific level of profit or return on investment over a given period.