Identify Which of the Following Statements Is True

question 12

Multiple Choice

Identify which of the following statements is true.

• A)The natural business year for fiscal-year election purposes is any tax year that ends within six months after the peak period of business.
• B)Section 444 permits an S corporation to elect to use a fiscal year other than a permitted year.
• C)A new corporation that is 100% owned by Johnny Blake, a cash method of accounting taxpayer, makes an S election for its initial tax year. The S corporation must also elect to use the cash method of accounting as its overall accounting method.
• D)All of the above are false.

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Definitions:

Idealized Influence

A leadership approach where the leader serves as a role model, inspiring trust, respect, and emulation among followers.

Intellectual Stimulation

The encouragement of creativity, innovation, and critical thinking within a team or organization, often a characteristic of transformational leadership.

Synergy

When two or more groups, materials, or forces work together, they create a cumulative outcome that exceeds what they could achieve separately.

Win-Lose Situation

A competitive scenario where one party's gain results directly from another's loss, often seen in zero-sum conflicts.