Identify Which of the Following Statements Is True

question 85

Multiple Choice

Identify which of the following statements is true.

• A) A corporation with gross receipts, total income, and total assets of $1,000,000 or less is permitted to file Form 1120- A.
• B) A corporation is required to file a tax return even if it has no taxable income.
• C) A corporate tax return must be filed by the fifteenth day of the fourth month following the close of the corporation's tax year.
• D) All of the above are false.

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Definitions:

Government Revenue

The total money received by a government from taxes and non-tax sources to finance government operations and services.

Excise Tax

A tax applied to specific goods or services, often included in the price of products such as tobacco, alcohol, and fuel.

Average Tax Rate

The percentage of the total income that is paid as taxes, calculated by dividing the total amount of taxes paid by the taxpayer's total income.

Personal Income

The total amount of income received by an individual or household from all sources before taxes and deductions.