Identify Which of the Following Statements Is False

question 23

Multiple Choice

Identify which of the following statements is false.

• A) A corporation must file a tax return annually.
• B) A corporation can obtain an automatic six-month extension of time to file its tax return.
• C) The IRS will permit an extension of time to file a corporate return beyond the original due date only when the corporation's delay is reasonable.
• D) The IRS can rescind the extension period.

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Definitions:

Present Value

Today's monetary equivalent of a future amount of money or cash flow sequences, using a specified rate of return.

Discount Rate

In the realm of discounted cash flow analysis, this interest rate is used to calculate the present value of expected future cash flows.

Payments

The process of transferring money in exchange for goods or services or as fulfillment of obligations.

Years

A unit of time equal to 365 days (or 366 in a leap year), used to measure duration or age.