Parent Corporation Owns All of the Stock of Richards and Smith

question 73

Multiple Choice

Parent Corporation owns all of the stock of Richards and Smith Corporations on January 1. The three corporations have filed consolidated tax returns for a number of calendar years. Parent sells all of the stock of Richards Corporation on June 1. Parent purchases all of the stock of Taylor Corporation on September 1. Parent sells all of the stock of Smith Corporation on November 1. When does the affiliated group terminate?

• A)June 1
• B)September 1
• C)November 1
• D)The original affiliated group does not terminate.

---

Definitions:

Transition

The initial movement of the head of the fetus into the birth canal.

Antibiotic Ointment

A topical medication used to prevent or treat skin infections by killing bacteria or inhibiting their growth.

Vitamin K

is a fat-soluble vitamin essential for blood clotting and bone metabolism.

Foot Printing

The practice of taking an inked impression of a newborn's foot, used for identification purposes and as a keepsake.