Identify Which of the Following Statements Is False

question 43

Multiple Choice

Identify which of the following statements is false.

• A)An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year.
• B)An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040.
• C)An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments.
• D)An S corporation cannot use the prior-year tax liability exception when determining the required payment to be made with respect to the built-in gains tax.

---

Definitions:

Park Construction

The process of designing, planning, and building an area of land with recreational facilities, natural elements, and landscaping intended for public use.

Necessary Increase

An essential rise in quantity or capacity required to meet a specific need or to maintain equilibrium.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the potential benefits missed out on.

Personal Income Tax

Tax levied on individuals or households based on their income level.