Asked by Claudia Piercy on Jun 06, 2024
Verified
A C corporation has a fiscal year-end of November 30.It does not request an extension of time to file its income tax return.It must file its return no later than the 15th day of:
A) January.
B) February.
C) March.
D) April.
Fiscal Year-End
The conclusion of a 12-month accounting period for which an organization plans its financial reports and statements.
Income Tax Return
A document filed with a government body, outlining income, expenses, and other tax-related information to determine tax liability.
Extension
An allowance for additional time granted by the IRS to file tax returns beyond the original due date.
- Comprehend the fundamental principles of Adjusted Gross Income computations and their tax consequences for corporations.
Verified Answer
NS
Nando SalinasJun 07, 2024
Final Answer :
C
Explanation :
C corporations are required to file their income tax returns by the 15th day of the fourth month following the end of their fiscal year. For a fiscal year ending on November 30, the fourth month after is March, making March 15 the deadline.
Learning Objectives
- Comprehend the fundamental principles of Adjusted Gross Income computations and their tax consequences for corporations.