Identify Which of the Following Statements Is True

question 59

Multiple Choice

Identify which of the following statements is true.

• A)All trusts and estates must use a calendar year-end.
• B)All estates with gross income of at least $500 must file an income tax return.
• C)Trusts are required to make estimated tax payments.
• D)All of the above are false.

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Definitions:

Inventories

The stocks of goods, raw materials, and other assets that a company holds for the purpose of future sale or production.

Great Depression

A global economic crisis that occurred in the 1930s, marked by extreme financial hardship.

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations and resulting in significant political and geographic changes.

GDP

Gross Domestic Product, a standard measure of a nation's total economic production over a specified time period, representing the total value of all goods and services produced.