Identify Which of the Following Statements Is True

question 61

Multiple Choice

Identify which of the following statements is true.

• A)When a new corporation joins an affiliated group, all of its income and expense items for the tax year, including the acquisition date, must be allocated between the separate tax return and consolidated tax return that are to be filed based on the number of days included in each of the two tax years.
• B)A consolidated return election may be revoked after 5 years.
• C)All members of a consolidated group must use the same tax year.
• D)All of the above are false.

---

Definitions:

Group Polarization

The tendency for a group to make decisions that are more extreme than the initial inclination of its members, following a discussion.

Internet Discussions

Exchanges of ideas or comments among users on online platforms, forums, and social media.

Social Loafing

The phenomenon where individuals exert less effort when working in a group compared to when working alone.

Accountable

Being responsible or answerable for something, typically referring to actions or decisions.