North Carolina Building Contractor License Practice Exam

What is the deadline for a general contractor's corporation to submit income tax Form 1120 if the fiscal year ends on August 31?

1. October 31

2. November 15

3. December 31

4. September 15

The correct answer is: November 15

A general contractor's corporation is required to submit income tax Form 1120 based on its fiscal year. When a corporation's fiscal year ends on August 31, the submission deadline for Form 1120 is set for the 15th day of the third month following the end of the tax year. For a fiscal year ending on August 31, the third month afterward is November. Therefore, the correct deadline for filing the Form 1120 would be November 15. This timeline allows corporations a full three months to prepare and file their corporate tax returns after the fiscal year ends. This specific timing is crucial for maintaining compliance with IRS regulations and ensuring that corporations avoid penalties associated with late submissions. The other options do not align with the requirements set by the IRS for corporate tax filings based on fiscal year endings, making November 15 the only accurate choice in this scenario.