Which of the following statements is correct regarding the taxation of C corporations?
A)The alternative minimum tax does not apply.
B)A corporation with taxable income of less than $500 need not file a tax return.
C)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.
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 (ignoring extensions) is the fifteenth day of the third month following the close of the corporation's tax year. The alternative minimum tax can apply to corporations, there is no exemption for filing a tax return based on taxable income, and the required annual payment for corporate estimated taxes is generally 100% of the corporation's final tax liability for the preceding tax year or 90% of the tax liability for the current tax year.

Which of the Following Statements Is Correct Regarding the Taxation