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.

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Definitions:

Positive Response

A reaction or answer that is affirmative or in agreement to a query, suggestion, or scenario.

Cultural Differences

The various beliefs, values, behaviors, and social structures unique to each society or community.

Organizational Cultures

Shared values, beliefs, and practices that influence the behavior and actions of members within an organization.

Positive Response

An affirmative or favorable reply to a question, request, or proposal.