Which of the following statements is incorrect?
A) C corporations must annually file a Form 1120 tax return.
B) A calendar year corporation must file its tax return no later than March 15 of the following year.
C) A corporation can choose the fiscal year-end of its choice when it files its first tax return without approval of the IRS.
D) A corporation with average annual gross receipts of $10 million must use the accrual basis of accounting.
Correct Answer:
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