which of the following statements is correct? corporations choose their tax year in their first year of operation and can elect to change it in their third year of operation. large corporations without inventory can choose to use either the cash or accrual method of accounting. a calendar-year corporation must file its tax return no later than march 15 unless it requests an extension. a corporation is a legal entity that is taxed on its taxable income.

A corporation is a legal entity that is separate and distinct from its owners. Corporations are created by state governments and are governed by a set of rules and regulations. The primary purpose of a corporation is to provide limited liability protection to its owners. This means that the owners of a corporation are not personally liable for the debts and liabilities of the corporation.

Corporations are required to pay taxes on their income. They are also subject to government regulations. Corporations must follow the rules and regulations set forth by the state in which they are incorporated.

Hence, the correct option is "Fourth".

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