Identify Which of the Following Statements Is True

question 2

Multiple Choice

Identify which of the following statements is true.

• A)A partnership is not required to file a return if the partnership has no income for the year.
• B)The "automatic" extension period for filing an individual return is five months.
• C)Individuals and calendar year-end corporations may obtain six-month extensions for paying taxes and filing their returns for the taxable year by filing the appropriate extension requests.
• D)All of the above are false.

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Definitions:

American Capitalism

An economic system in the United States based on private ownership of the means of production and the creation of goods or services for profit.

Spheres of Influence

Areas in which one country or organization has significant cultural, economic, military, or political influence over another.

American Trading Interests

The economic motivations and activities involving the exchange of goods and services between the United States and other countries.

Self-Determination

The principle that a community or nation has the right to determine its own political status and pursue its economic, social, and cultural development independently.