1. Describe the situations in which a corporation must file a tax return. 2. Now
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Question
1. Describe the situations in which a corporation must file a tax return.
2. Now let’s look at this scenario: Your client saw an advertisement in the nonprofit chronicles: We Need Your Help! Nonprofit organization needs donations; all donations welcomed but not limited to autos, boats, real estate, etc. Your donation is tax deductible. What would you say to your client concerning federal income tax laws on donations of cash, autos, boats, and real estate and how they apply to corporate taxpayers?
Explanation / Answer
Ans 1: Actually the thing is a corporation must file a tax return whether it has taxable income or it does not have taxable income, the filing of tax return is mandatory for all the corporations of all the sizes untill the corporation is dissolved and does not hold the rights of being an entity, till that time tax return is mandotory. Also at the same even if corporation is came into existence in between of the year, even in this case as well corporation is required to file a tax return tacked up with next full year tax return.
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