Identify Which of the Following Statements Is True

question 102

Multiple Choice

Identify which of the following statements is true.

• A) A corporate tax return must be filed by the fifteenth day of the fourth month following the close of the corporation's tax year.
• B) A corporation is required to file a tax return even if it has no taxable income.
• C) A corporation with gross receipts, total income, and total assets of $1,000,000 or less is permitted to file Form 1120-A.
• D) All of the above are false.

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Definitions:

Insurance Coverage

Protection provided by an insurance policy against financial losses from specific risks or damages.

Bad Faith Breach

A situation where a contractual obligation is not fulfilled, with the violator having no intention to honor the contract from the start.

Homeowner's Policy

An insurance policy providing coverage for a private residence, protecting against various risks like damage, theft, and liability.

Compensatory Damages

Financial compensation awarded to a plaintiff to compensate for losses or injuries as a result of the defendant's actions.