Identify Which of the Following Statements Is True

question 12

Multiple Choice

Identify which of the following statements is true.

• A)The natural business year for fiscal-year election purposes is any tax year that ends within six months after the peak period of business.
• B)Section 444 permits an S corporation to elect to use a fiscal year other than a permitted year.
• C)A new corporation that is 100% owned by Johnny Blake, a cash method of accounting taxpayer, makes an S election for its initial tax year. The S corporation must also elect to use the cash method of accounting as its overall accounting method.
• D)All of the above are false.

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Definitions:

Gender Identity

An individual's personal sense of their own gender, which may or may not correspond with their sex assigned at birth.

Oedipal Stage

A phase in Freudian psychosexual development where a child has unconscious desires for their opposite-sex parent and jealousy toward the same-sex parent.

Havelock Ellis

A British physician and psychologist who was an early researcher and writer on human sexuality in the late 19th and early 20th centuries.

Homosexuality

Romantic or sexual attraction or behavior between members of the same sex or gender.