After years of successful business, Mega Corporation recently stopped operating.The shareholders are going to pivot the business strategy into a new direction but are awaiting a new capital injection.As a result, the corporation sat idle for the entire tax year and generated no taxable income.Mega does not need to file a Federal income tax return.

Question

Quizplus · Accepted Answer

Even if a corporation has no taxable income, it is still required to file a Federal income tax return to report its activities for the year.

After Years of Successful Business, Mega Corporation Recently Stopped Operating