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.

Know the compensation range for experienced paralegals.

Distinguish between the terms paralegal, legal assistant, and other related titles.

Recognize professional organizations associated with paralegals and their concerns.

Identify the range of tasks and responsibilities of paralegals.

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Definitions:

Equity

In finance, it refers to the value of an ownership interest in property, including shareholders' equity in a corporation. In economics, it often refers to fairness or justice in the distribution of wealth and resources.

Indifference Curves

Graphical representations used in economics to show combinations of two goods that provide a consumer with the same level of satisfaction.

Utility Possibilities Frontier

A graphical representation that shows the maximum amount of two goods that an economy can produce using all its resources efficiently, given the technology.

Contract Curve

In an Edgeworth box diagram, it represents the set of optimal distribution points for two traders based on their preferences.