Identify Which of the Following Statements Is False

question 87

Multiple Choice

Identify which of the following statements is false.

• A) A C corporation short- year income tax liability must be determined on an annualized basis.
• B) If the termination of an S election is considered to be inadvertent, then the election is permitted to continue in place as if the termination had never occurred.
• C) A corporation can obtain relief for a late S election if the IRS consents.
• D) If an S election is terminated and the termination is not considered to be inadvertent, a ten- tax- year waiting period is required before making a new election.

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Definitions:

Unilateral Contract

A contract in which one party makes a promise in exchange for the other's performance, which constitutes acceptance of the offer, focusing on acted-upon promises rather than exchanges of promises.

Full Performance

The complete fulfillment of all terms and obligations specified within a contract, leading to its termination upon satisfactory execution by all parties involved.

Bilateral Contract

A contractual agreement involving two parties where each promises to perform an act in exchange for the other's act, with mutual obligations binding both parties.

Promised Offer

An offer made by one party to another indicating a willingness to enter into a contract under specified terms.