Identify Which of the Following Statements Is False

question 82

Multiple Choice

Identify which of the following statements is false.

• A)A C corporation short-year income tax liability must be determined on an annualized basis.
• B)If the termination of an S election is considered to be inadvertent, then the election is permitted to continue in place as if the termination had never occurred.
• C)If an S election is terminated and the termination is not considered to be inadvertent, a ten-tax-year waiting period is required before making a new election.
• D)A corporation can obtain relief for a late S election if the IRS consents.

---

Definitions:

Discounted Rate

A reduced price or fee, lower than the standard amount.

Violation Of

The act of breaking, infringing, or not complying with a law, rule, or agreement.

Pollution Control Devices

Tools or systems designed to reduce or eliminate the emission of pollutants into the environment from various sources.

Substantial Cost

Significant expenses incurred in the execution of a project, purchase of goods, or other financial transactions.