Identify which of the following statements is false. A) An S corporation files a Form 1120S...
Identify which of the following statements is false.
A) An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year.
B) An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040.
C) An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments.
D) An S corporation cannot use the prior-year tax liability exception when determining the required payment to be made with respect to the built-in gains tax.
Homework Answers
An S corporation files Form 1120S corporate income tax return on or before 15th of the third month following the close of its tax year/
The due date filing Form 1120S is generally March 15.
Hence answer is Option A is false.
Other options are correct.
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