Tonto Inc Has Used a Calendar Year as Its Taxable Year

question 42

Multiple Choice

Tonto Inc. has used a calendar year as its taxable year since its incorporation in 1990. Tonto has an excellent business reason for changing to a fiscal year ending May 31. Which of the following statements is true?

• A) Because it has a good business reason, Tonto can change to a fiscal year ending May 31 without IRS permission.
• B) If Tonto changes to a fiscal year ending May 31, it must file a short-period return for the seven-month period from June 1 to December 31 of the year of change.
• C) If Tonto changes to a fiscal year ending May 31, it must file a short-period return for the five-month period from January 1 to May 31 of the year of change.
• D) Because it has a good business reason, Tonto can change to a fiscal year ending May 31 without IRS permission and if Tonto changes to a fiscal year ending May 31, it must file a short-period return for the seven-month period from June 1 to December 31 of the year of change.

Identify the characteristics and functions of cross-functional teams, including their advantages and limitations.

Recognize the importance of managers in facilitating team performance and the different stages of team development.

Define and differentiate between virtual teams and their operational dynamics compared to traditional teams.

Comprehend the responsibilities of a manager in supporting both task and maintenance activities within a team.

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Definitions:

Digital Capabilities

The skills, technologies, and resources that enable an organization or individual to create value and effectively engage in digital platforms and digital transformations.

Interactive

Involving mutual or reciprocal action or influence, often referring to technologies or media that allow for two-way communication.

Individualized Information

Personalized data or content tailored to meet the unique preferences, behaviors, or needs of an individual, enhancing relevance and effectiveness.

Web Communities

Websites that allow people to congregate online and exchange views on topics of common interest.