Saved Molto Stancha Corporation had zero earnings this fiscal year, in fact, it

Question

Saved Molto Stancha Corporation had zero earnings this fiscal year, in fact, it lost money. Must the corporation file a tax return? O Yes, all corporations are required to file an income tax return regardless of their taxable income. O Yes, return filing is mandatory for corporations that have a book loss O No, corporations are not required to file a tax return if they have a book loss. O No, corporations are not required to file an income tax return if they have zero earnings. 0.2 points Skipped

Explanation / Answer

Answer-1:

Option 1:Yes ,all corporations are required to file income tax return irrespective of their income.

Answer-2:

Option 4:Yes,the estate has to file an income tax return irrespective of its income.

Answer-3:

Option 2:Jamarcus is not required to file an income tax return,However he should file a return to claim his tax refund.

Answer-4:

Option 3: Limitation remains open for indefinite perid.

Answer-5:

Option 1:3 years from April 15. the statute of limitations for the IRS to assess taxes on a taxpayer expires three (3) years from the due date of the return or the date on which it was filed

Answer-6:

Option 1: 6 years from Feb’10.

IRS statute of limitations gets extended for an even longer time when there is a substantial omission (more than 25 percent) of gross income on the return. In these circumstances, the time limit for the IRS to make its assessment gets stretched out to six (6) years from the date the return is filed or deemed filed, whichever is later.

Part 6-Option 5:indefinite periof from Apr’15.

There is no limitation in case of False, Fraudulent, or Missing Returns.

Answer-7:

Option 2:US court of Federal claims

Answer-8:

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