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:

Relevant Range

The range of activity within which the assumptions about fixed and variable cost behaviors hold true.

Cost Behaviour

The manner in which a cost changes as the related activity level changes, classified into fixed, variable, and mixed costs.

Cost Report

A detailed financial document that outlines the actual costs incurred during a project or for business operations over a defined period, often used for tracking and controlling expenditures.

Relevant Range

The range of activity within which the assumptions about fixed and variable cost behaviors are valid.