Identify Which of the Following Statements Is False

question 55

Multiple Choice

Identify which of the following statements is false.

• A)The IRS will not issue a ruling on the topic of whether compensation is reasonable.
• B)Tax returns for all taxpayers must be filed on or before the fifteenth day of the fourth month following the year-end.
• C)A corporation must file a tax return even if it has no gross income.
• D)Extensions of time for filing tax returns may be obtained.

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Definitions:

Consumption

The purchase and use of goods and services by households. It is a primary component of GDP and an indicator of economic health.

Good

A Good is a tangible product that satisfies human wants or needs.

Kosher Foods

Foods that comply with a strict set of dietary rules in Judaism.

Elastic

A term describing a situation where the demand or supply of a good or service changes significantly when its price changes.