Identify Which of the Following Statements Is False

question 55

Multiple Choice

Identify which of the following statements is false.

• A)The IRS will not issue a ruling on the topic of whether compensation is reasonable.
• B)Tax returns for all taxpayers must be filed on or before the fifteenth day of the fourth month following the year-end.
• C)A corporation must file a tax return even if it has no gross income.
• D)Extensions of time for filing tax returns may be obtained.

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Definitions:

Negative Income Tax

A welfare system within which individuals earning below a certain amount receive supplemental pay from the government instead of paying taxes.

Rawlsian

Pertaining to the philosophical and ethical framework proposed by John Rawls, focusing on justice as fairness and the distribution of resources.

Economic Policy

Refers to the actions that governments take in the economic field, including taxation, government spending, and the regulation of the economy.

Economic Status

The level of economic wealth, or prosperity, achieved by an individual, group, or country, often measured by income, wealth, and employment.