All of the following statements are true except
A. taxpayers who change from one accounting period to another must annualize their income for the resulting short period.
B. once adopted, an accounting period normally cannot be changed without approval by the IRS.
C. taxpayers filing an initial tax return are required to annualize the year's income and credits.
D. an existing partnership can change its tax year without prior approval if the partners with a majority interest have the same tax year to which the partnership changes.
Answer: C
You might also like to view...
Most company leaders do a thorough job of understanding the corporation's reputation
Indicate whether the statement is true or false
Which personality trait is most likely related to one’s ability to seek and accept feedback?
a. external locus of control b. openness to experience c. emotional stability d. high machs
Looking for opportunities to generate small talk about nonbusiness-related matters with customers describes which type of customer encounter?
A. Offer a channel partner B. Establish rapport C. Identify customer needs D. Satisfy customer needs
A company with a current ratio of 2.4 times will see that ratio decrease when the company
A) pays a large current liability. B) declares a 10 percent stock dividend on its common stock. C) borrows cash by issuing a short-term note payable. D) converts a short-term liability to a long-term liability.