An S Corporation Can Use a Noncalendar Year-End If It

question 57

True/False

An S corporation can use a noncalendar year-end if it can establish a business purpose for an alternative year-end.

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Definitions:

Self-Serving Bias

The common tendency to attribute successes to personal abilities and failures to external factors.

Defensive Attribution

A psychological process by which individuals assign causes to behaviors or outcomes in a way that defends their self-esteem.

Stereotype

Widely held but fixed and oversimplified images or ideas of a particular type of person or thing, which can often lead to prejudiced attitudes or behaviors.

Person Perception

The process of forming impressions and making judgments about the traits and characteristics of others.