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:

Infant Industry Theory

An economic rationale for trade protectionism arguing that emerging domestic industries need protection from international competition until they become mature and competitive.

Protected

Safeguarded from harm or damage through legal, physical, or other means.

Emerging Industries

Sectors or industries that are in the early stages of development and show potential for significant growth and innovation in the future.

First Mover

Refers to a company that is the first to enter a particular market, gaining advantages such as brand recognition and customer loyalty before competitors.