A Corporation Is Required to File Form 966 Within 30

question 43

True/False

A corporation is required to file Form 966 within 30 days after the adoption of a plan of liquidation.

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Definitions:

Total Assets

The aggregate of all assets owned by a business, evaluated at cost or market value on the balance sheet.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries have been made, used to prepare financial statements.

Prepaid Insurance

An asset account that represents insurance premiums paid in advance, which are expensed over the period the insurance coverage relates to.

Current Asset

Asset expected to be converted into cash, sold, or consumed within a year or within the business's operating cycle.