All of the Following Statements Are True Except

question 99

Multiple Choice

All of the following statements are true except

• A)once adopted,an accounting period normally cannot be changed without approval by the IRS.
• B)taxpayers who change from one accounting period to another must annualize their income for the resulting short period.
• C)taxpayers filing an initial tax return are required to annualize the year's income and prorate exemptions and credits.
• D)an existing partnership can change its tax year without prior approval if the partners with a majority interest have the same tax year to which the partnership changes.

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Definitions:

Minority Groups

Social groups that are differentiated from the majority through ethnic, racial, religious, or cultural identity and often face disparities.

Average IQ

A measure representing the intelligence level of an individual that is calculated based on standardized tests, where 100 is considered average.

White Americans

Individuals residing in the United States who identify as part of the White racial group, originating from various European backgrounds.

Heritability

A measure of how much of the variation in a trait within a population can be attributed to genetic differences among individuals.