Which of the Following Statements Is Incorrect Regarding the Taxation

question 60

Multiple Choice

Which of the following statements is incorrect regarding the taxation of C corporations for tax years beginning after 2017?

• A) NOLs are subject to a 2-year carryback and 20-year carryforward period.
• B) Taxable income of a personal service corporation is taxed at a flat rate of 21%.
• C) A tax return must be filed whether or not the corporation has taxable income.
• D) The alternative minimum tax does not apply.
• E) None of these.

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Definitions:

Antitussive

A type of medication designed to suppress coughing, often used in the treatment of chronic coughing symptoms.

Antihistamine

A type of medication used to relieve allergic reactions by blocking the action of histamine.

Schedule III

A classification for drugs that have a moderate to low potential for physical and psychological dependence, as defined by regulatory authorities.

Talbutal

A barbiturate derivative used as a sedative and hypnotic drug.