Regarding Taxation Years,which of the Following Statements Is TRUE

question 2

Multiple Choice

Regarding taxation years,which of the following statements is TRUE?

• A)Corporate taxpayers must use the calendar year as their taxation year.
• B)The taxation year for an individual taxpayer ends on April 30^th.
• C)Individual taxpayers may choose any twelve month period as their taxation year.
• D)A corporation may have a taxation year less than twelve months during a year the corporation is formed, dissolved, or is granted a change in its year end.

---

Definitions:

Tort Liability

Legal responsibility arising from civil wrongs not based on contractual obligations but causing harm or loss to another person.

Professional Status

Recognition or standing of an individual based on their occupation, qualifications, and experience in a professional field.

Recognized Profession

Refers to occupations that are formally acknowledged and regulated by legal or professional bodies.

Emerging Profession

A new or developing field of work that is becoming recognized as a specialized area of practice or expertise.