Identify Which of the Following Statements Is False

question 71

Multiple Choice

Identify which of the following statements is false.

• A) Casualty losses incurred by a corporation are deductible subject to a nondeductible floor similar to those applicable to individuals.
• B) The passive loss rules do not apply to widely held C corporations.
• C) Corporations may receive a deduction for dividends received from other corporations.
• D) A corporation with annual gross receipts of $25,000,000 or less can use the accrual method to account for sales, cost of goods sold, inventories, accounts receivable and payable, and the cash method for other income and expenses.

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Definitions:

Fourth Amendment

A provision in the United States Constitution that protects citizens from unreasonable searches and seizures by the government.

Regulatory Violation

The act of failing to follow rules or regulations set by governmental or regulatory agencies.

Search and Seize

Legal procedures used by law enforcement where they search a person or property and confiscate any relevant evidence to a crime.

Executive Agency

A government department or unit under the direct control of the executive branch, responsible for implementing government policy and administration.