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:

Breach of Contract

An act of failing to fulfill the terms agreed upon in a contract, leading to legal action for enforcement or damages.

Rare Disease

A rare disease is a health condition that affects a small percentage of the population, often lacking sufficient medical knowledge and treatment options due to its rarity.

Negligence

The failure to exercise a level of care that a reasonably prudent person would under similar circumstances, leading to harm or damage.

Damages

Compensation or monetary award given to a party in a legal action for injury or loss caused by the wrongdoing of another.