Question

regarding taxation years, which of the following statements is true? question 17select one: a. a corporation may have a taxation year less than twelve months during a year the corporation is formed, dissolved, or is granted a change in its year-end. b. the taxation year for an individual taxpayer ends on april 30th. c. individual taxpayers may choose any twelve-month period as their taxation year. d. corporate taxpayers must use the calendar year as their taxation year.

Answer 1

A corporation can have a taxation year of less than twelve months in certain circumstances such as formation or dissolution, while individual taxpayers have a fixed tax year, typically ending on December 31st.

Step-by-step explanation:

Regarding taxation years, the true statement is: A. A corporation may have a taxation year less than twelve months during a year the corporation is formed, dissolved, or is granted a change in its year-end. This is because corporations can have a short tax year when they are either starting or ending their business activities, or when they make an official change to their fiscal year-end. In contrast, individual taxpayers do not have the flexibility of choosing any twelve-month period as their taxation year; their taxation year typically ends on December 31st. The idea that individual taxpayers have a tax year ending on April 30th is incorrect, as this is usually the deadline to file personal income taxes for the previous calendar year. Additionally, corporate taxpayers are not strictly required to use the calendar year; they may choose a different fiscal year if desired, subject to regulatory approval.