Calendar-Year Corporations That Request an Extension for Filing Their Tax

question 71

True/False

Calendar-year corporations that request an extension for filing their tax returns will have a tax return due date of September 15.

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Definitions:

Securities

Financial instruments that represent ownership (stocks), a creditor relationship (bonds), or rights to ownership (derivatives) that can be bought and sold.

Future Cash Flows

Projected cash receipts and payments over a certain period, considered in investment analysis to determine an asset's present value.

S-corporation

A special type of corporation in the U.S. that allows profits, and some losses, to be passed directly to owners’ personal income without being subject to corporate tax rates.

Double Taxation

The levying of tax by two or more jurisdictions on the same declared income, asset, or financial transaction.