Identify Which of the Following Statements Is False

question 82

Multiple Choice

Identify which of the following statements is false.

• A)A C corporation short-year income tax liability must be determined on an annualized basis.
• B)If the termination of an S election is considered to be inadvertent, then the election is permitted to continue in place as if the termination had never occurred.
• C)If an S election is terminated and the termination is not considered to be inadvertent, a ten-tax-year waiting period is required before making a new election.
• D)A corporation can obtain relief for a late S election if the IRS consents.

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Definitions:

Small Players

Companies or entities that have a minor share in a market or industry, typically characterized by smaller teams, budgets, or influence.

Response Time

The duration between when a request is made and when the response is received.

Facilities

Physical locations like factories, warehouses, and distribution centers involved in the production, storage, and distribution of goods in a supply chain.

Online Retailer

A business that sells goods or services over the internet directly to consumers.