Which of the following statements is incorrect? Some corporations can use the cash-basis of accounting. Corporations that own foreign subsidiaries cannot file a Form 1120. A corporation can choose a fiscal year-end of its choice when filing its first tax return. A calendar year corporate tax return is due 3½ months after the end of the fiscal year
Which of the following statements is incorrect? Some corporations can use the cash-basis of accounting. Corporations that own foreign subsidiaries cannot file a Form 1120. A corporation can choose a fiscal year-end of its choice when filing its first tax return. A calendar year corporate tax return is due 3½ months after the end of the fiscal year
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 10MCQ
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Question
Which of the following statements is incorrect?
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Some corporations can use the cash-basis of accounting. |
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Corporations that own foreign subsidiaries cannot file a Form 1120. |
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A corporation can choose a fiscal year-end of its choice when filing its first tax return. |
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A calendar year corporate tax return is due 3½ months after the end of the fiscal year |
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