X Corporation Determines It Cannot Meet the Filing Deadline for Form

question 21

Multiple Choice

X Corporation determines it cannot meet the filing deadline for Form 1120 (U.S.Corporation Income Tax Return) and files an extension on Form 7004.Which of the following is not true?

• A)The corporation claims an automatic six-month extension of time to file the tax return and to pay the tax due.
• B)With permission of the IRS, corporations may be granted an additional three-month extension to submit Form 1120.
• C)The corporation extension (Form 7004) must be filed on or before the 15th day of the 3rd month following the close of the taxable year.
• D)None; all are true.

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Definitions:

Proceeds

The total amount of money received from a sale or transaction, before any deductions or expenses are accounted for.

Commission Charges

Fees assessed for services provided, often calculated as a percentage of the transaction value, such as in trading or sale transactions.

Dividend

A Dividend is a portion of a company's earnings distributed to its shareholders, typically in the form of cash or additional shares.

Rate of Yield

The rate of yield is the return on an investment over a period of time, expressed as a percentage of the investment's cost.