Identify Which of the Following Statements Is True

question 27

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) All members of a consolidated group must use the same tax year.
• C) A consolidated return election may be revoked after 5 years.
• D) All of the above are false.

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Definitions:

Protanopia

A type of color blindness where there is a deficiency in red cone cells, making it hard to distinguish red from green.

Red-green Color Blindness

A common form of color vision deficiency where individuals have difficulty distinguishing between red and green hues.

Dominant Trait

A trait that is expressed.

Dizygotic Twins

Twins that are born from two different eggs fertilized by two different sperm, also known as fraternal twins.