An Individual May Apply for an Automatic Extension of Time

question 65

Multiple Choice

An individual may apply for an automatic extension of time to file a return of

• A)Extensions are not permitted
• B)3 months
• C)4 months
• D)6 months

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Definitions:

Cash

Money in the form of coins or notes that is readily available for transactions.

Initial Investments

The initial amount of money used to purchase an asset or start a business.

Partnership

A partnership is a legal form of business operation between two or more individuals who share management and profits.

Generally Accepted Accounting Principles

The standard framework of guidelines for financial accounting used in any given jurisdiction.