A Taxpayer That Wants to Change Its Taxable Year from a Fiscal

question 99

True/False

A taxpayer that wants to change its taxable year from a fiscal year to a calendar year is not required to receive permission from the IRS to make the change.

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Definitions:

Consumer Expenditures

The total amount of money spent by consumers on goods and services in a specified period.

Proportion

Proportion refers to the relative relationship in size, amount, or degree between two or more things, often expressed as a ratio or fraction.

Discretionary Income

What remains of someone's earnings for savings, investment, or other expenses after settling tax obligations and necessary personal expenses like shelter and food.

Property Taxes

Taxes levied by local government on real property (land and buildings), based on assessed value, to fund municipal services like schools, roads, and public works.