Which of the Following Statements Is Not True

question 41

Multiple Choice

Which of the following statements is not true?

• A)A corporation is generally allowed to choose either a calendar year or fiscal year for its reporting period.
• B)A personal service corporation must use a fiscal year unless it can satisfy IRS requirements that there is a business purpose for a calendar year.
• C)S corporations must generally use a calendar year.
• D)Because corporations are "persons" only in the legal sense of the word, they are not entitled to the earned income credit.
• E)None; all are true.

---

Definitions:

Aadhaar

A unique 12-digit number provided by the Indian government to its residents, reflecting their demographic and biometric information.

Information Privacy

The right to determine when, and to what extent, personal information can be gathered by or communicated to others.

Information Privacy

The aspect of data protection that deals with the proper handling, processing, storage, and usage of personal information.

Government Benefits

Refers to forms of financial assistance or service programs provided by governments to support individuals in society, including healthcare, education, and social security.