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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Whilst looking at the income tax returns applicable to corporate entities, Jackie was curious why there is a need for tax-exempt entities to still file for their ITR given that they are already exempted.
Being a lamb to your friend, which of the following would best provide reason for such?
A. for assessment of the correctness of mathematical computations made by taxpayer
B. for comparison of figures reported on their financial statements
C. for conversion of the supposed tax burden to filing burden
D. for possible tax exposures from the conduct of unrelated activities
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