Which of the Following Statements Is Incorrect

question 38

Multiple Choice

Which of the following statements is incorrect?

• A)C corporations must annually file a Form 1120 tax return.
• B)A calendar year corporation must file its tax return no later than March 15 of the following year.
• C)A corporation can choose the fiscal year-end of its choice when it files its first tax return without approval of the IRS.
• D)A corporation with average annual gross receipts of $10 million must use the accrual basis of accounting.

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Definitions:

Neutrality

The state of not supporting or helping either side in a conflict or disagreement; impartiality.

Power

The capability to guide or affect the actions of people or the direction of happenings.

Knowledge

Information, understanding, or skill that one gets through experience or education; the theoretical or practical understanding of a subject.

Foucault

Michel Foucault, a French philosopher known for his studies on power, social institutions, and the relationship between knowledge and control.