Evaluate this statement by completing the sentences below: $"$An S corporation can facilitate the meeting of its state income tax filing obligations by developing a common spreadsheet that allocates and apportions income among the states with which it has nexus. This spreadsheet is attached to each of the state returns to be filed."

Many states acceptOnly two states acceptNo state accepts

block filing or composite returns from multiple$-$shareholder S corporations. Such a return essentially is a spreadsheet that discloses and computes the

taxable income of the S corporationallocation of ordinary income and separately stated itemsallowable business deductions

$,$ on a per$-$state and per$-$shareholder basis.