Identify which of the following statements is false.
A)An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year.
B)An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040.
C)An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments.
D)An S corporation cannot use the prior-year tax liability exception when determining the required payment to be made with respect to the built-in gains tax.

Question

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The Answer of Identify which of the following statements is false.
A)An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year.
B)An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040.
C)An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments.
D)An S corporation cannot use the prior-year tax liability exception when determining the required payment to be made with respect to the built-in gains tax.

Identify Which of the Following Statements Is False