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

Corporation: The form of business entity ,which is incorporated by state law into a separate legal…

Answered: Which of the following statements is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements is incorrect?

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

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