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:

Personal Income

The total earning of an individual from all sources before taxes or deductions.

Marriage Boom

describes a period of significantly increased marriage rates, often linked to specific historical contexts or demographic trends.

Home Ownership

The state of owning a residential property or house, often considered a key aspect of personal wealth and economic stability.

Theoretical Perspective

A specific point of view in sociology and other sciences, offering a set of assumptions about the way societies or other systems work.