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A Calendar Year C Corporation Can Receive an Automatic 6-Month

question 28

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A calendar year C corporation can receive an automatic 6-month extension to file its 2012 corporate return (Form 1120) by filing Form 7004 by March 15, 2013.


Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.

Decrease in Supply

A reduction in the availability of a particular good or service in the market.

Downward-Sloping Demand

A fundamental economic principle stating that, ceteris paribus, the quantity demanded of a good falls as the price of the good rises, illustrated by a downward-sloping demand curve.

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market equilibrium price.

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