True or False: Explain your answers. 1) if ABC Corp ceases to manufacture and se

Question

True or False: Explain your answers.

1) if ABC Corp ceases to manufacture and sell cars and sell all of its assets, it must file a corporate income tax return.

2) if ABC Corp has no taxable income, it does not have to file a corporate income tax return.

3) if ABC Corp was formed on July 1, 2000, it only has to file a corporate income tax return only for the period from July 1, 2000 to December 31, 2000.

True or False: Explain your answers. Assuming ABC did not submit a filing due date extension form:

4) if XYZ Corp is a calendar year taxpayer, its corporate income tax return is due on April 15.

5) if XYZ Corp is a calendar year taxpayer, its corporate income tax return is due on March 15.

6) if XYZ Corp fiscal year is from July 1 to June 30, its corporate income tax return is due on October 15.

Explanation / Answer

1)

False: ABC Corp ceases to manufacture and sell cars and sell all of its assets, it must does not file a corporate income tax return.

2)

False: ABC Corp has no taxable income, but it does have to file a corporate income tax return.

3)

True: ABC Corp was formed on July 1, 2000, it only has to file a corporate income tax return only for the period from July 1, 2000 to December 31, 2000.

4)

False: XYZ Corp is a calendar year taxpayer, its corporate income tax return is not due on April 15.

5)

True: XYZ Corp is a calendar year taxpayer, its corporate income tax return is due on March 15.

6)

False: XYZ Corp fiscal year is from July 1 to June 30, its corporate income tax return is not due on October 15.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.