Which of the following statements is incorrect?

A. A calendar year corporate tax return is due 3½ months after the end of the fiscal year.
B. A corporation can choose a fiscal year-end of its choice when filing its first tax return.
C. Some corporations can use the cash-basis of accounting.
D. Corporations that own foreign subsidiaries cannot file a Form 1120.


Answer: D

Business

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What will be an ideal response?

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