An Improper Election to Use a Fiscal Year Automatically Places

question 6

True/False

An improper election to use a fiscal year automatically places the taxpayer on the calendar year.

---

Definitions:

Natural Progression

The gradual and inherent development or sequence of events that naturally unfolds over time.

Operating Business

An enterprise that is actively engaged in conducting commercial, industrial, or professional activity as its primary function.

Total Liabilities

The cumulative amount of debts or obligations a company owes to external parties, which can include loans, accounts payable, and bonds payable.

Total Assets

The sum of all assets owned by an individual or organization, including both current and non-current assets.