Which of the Following Is False in Regards to Filing

question 19

Multiple Choice

Which of the following is false in regards to filing requirements?

• A)Corporations file their tax returns on Form 1120.
• B)A 6-month extension can be obtained by a corporation (other than a corporation with a tax year ending on June 30) that files Form 1120.
• C)Filing an extension for a corporate tax return also provides an extension for paying the corporation's tax due. A corporation can wait to pay its tax liability without penalty when the return is filed.
• D)None of these is false.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in an open and competitive market.

Gross Profit Percentage

A financial ratio expressing gross profit as a percentage of revenue, indicating the efficiency of production or service delivery.

Net Profit Margin Percentage

This is a financial metric that represents the percentage of revenue that remains as profit after all operating expenses, interest, taxes, and preferred stock dividends have been deducted from a company's total revenue.

Cost of Goods Sold Percentage

A ratio that compares the cost of goods sold to the total sales revenue, indicating the efficiency of production and pricing.