Sometimes taxpayers may not be able to file their tax returns by the normal due date. Are extensions​ available?

Sometimes taxpayers may not be able to file their tax returns by the normal due date. Are extensions​ available? How long are the​ extensions? Do extensions enable taxpayers to delay paying the tax they​ owe?


QI:2-19

a. Explain the principal difference in the tax treatment of an S corporation and a C corporation.

b. Why would a C corporation be used if an S corporation is generally exempt from​ tax?

QI:2-20
Income earned by C corporations is taxed​ twice, once when the income is earned and again when it is distributed. If​ so, how is it possible that operating a business as a C corporation can reduce taxes.

QI:2-21

Answer the following​ questions:

a.	What assets are excluded from capital asset​ status?
b.	Are capital gains given favorable tax​ treatment?
c.	What is the significance of an asset being classified as a capital​ asset?
d.	Are capital losses​ deductible?

QI:2-24

a.	Who is liable for additional taxes on a joint​ return?
b.	Why is this so​ important?

PI:2-33