Which of the following statements is correct regarding the taxation of C corporations?
A) The due date for a corporate income tax return (ignoring extensions) is the fifteenth day of the third month following the close of the corporation's tax year.
B) A corporation with taxable income of less than $500 need not file a tax return.
C) The alternative minimum tax does not apply.
D) In general, the required annual payment for corporate estimated taxes is 90% of the corporation's final tax for the current year.
E) None of the above.

Question

Quizplus · Accepted Answer

The due date for a corporate income tax return is the fifteenth day of the fourth month following the close of the corporation's tax year (not the third month).

Answer: E
 None of the statements are entirely correct. A corporation with taxable income of less than $500 must still file a tax return, the alternative minimum tax does apply to some corporations, and the required annual payment for corporate estimated taxes is generally 100% of the corporation's final tax for the current year or 110% of the prior year's tax liability.

Which of the Following Statements Is Correct Regarding the Taxation