Which of the Following Statements Is Correct

question 91

Multiple Choice

Which of the following statements is correct?

• A)If a corporation has a net operating loss,it can carry the loss back three years and then forward twenty years.
• B)A net capital loss can be carried back three years and then forward five years.
• C)The first estimated payment of a corporation is due on the 15^th day of the third month of the fiscal year.
• D)A corporation is entitled to a charitable deduction of 10% of its gross income before certain items.

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Definitions:

Seize

To forcibly take possession or control of something by legal authority or power.

Law Enforcement Officers

Individuals authorized to enforce laws, maintain public order, and protect citizens and property.

Artisan's Lien

A legal claim granted to craftsmen or workers on a property they have improved or materials they have supplied until they are compensated for their services.

Mechanic's Lien

A security interest granted over an item of property to secure the payment of a debt or performance of some other obligation.