Alfa corporation is an S corporation. Which of the following statements regarding Alfa corporation is false? A. Alfa corporation's ordinary income or loss is reported by it's shareholders on their individual income tax return. B. Alfa 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. C. Alfa corporation cannot use the prior year tax liability exception when determining the required payment to be made with respect to the excess net passive income tax. D. If Alfa corporation owes ay built in gains tax or excess net passive income tax, it must make quarterly estimated tax payments..

1. Alfa corporation is an S corporation. Which of the following statements regarding Alfa
corporation is false?
A. Alfa corporation's ordinary income or loss is reported by it's shareholders on their individual
income tax return.
B. Alfa 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.
C. Alfa corporation cannot use the prior year tax liability exception when determining the
required payment to be made with respect to the excess net passive income tax.
D. If Alfa corporation owes ay built in gains tax or excess net passive income tax, it must make
quarterly estimated tax payments.