All of the Following Statements Are True Except

question 508

Multiple Choice

All of the following statements are true except

• A) taxpayers filing an initial tax return are required to annualize the year's income and credits.
• B) once adopted, an accounting period normally cannot be changed without approval by the IRS.
• C) an existing partnership can change its tax year without prior approval if the partners with a majority interest have the same tax year to which the partnership changes.
• D) taxpayers who change from one accounting period to another must annualize their income for the resulting short period.

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Definitions:

Creating Opportunities

The process of identifying and acting upon situations or initiatives that can lead to new growth or advantages.

Existing Products

Goods or services that are currently available on the market, distinguished from newly developed or conceptual offerings.

Long Period

An extended duration of time, which can span years or even decades, often used in the context of investments or planning.

Isolated Inventor

An individual who develops new ideas or inventions independently, often without the support of an organization.