Identify Which of the Following Statements Is True

question 1

Multiple Choice

Identify which of the following statements is true.

• A) If a corporation becomes a member of an affiliated group within the first thirty days of the corporation's tax year, the corporation can elect not to file a short- period tax return.
• B) When a corporation joins in filing a consolidated return, taxable income of the member is combined with other members' taxable income prior to any adjustments.
• C) A corporation may be required to file a separate return and file with an affiliated group in the same calendar year.
• D) All of the above are false.

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Definitions:

State Lottery

A government-run gambling game in which participants buy tickets with numbered selections, hoping their numbers match the randomly drawn numbers for cash prizes.

Addition Rule

A fundamental principle in probability theory that calculates the probability of either of two mutually exclusive events occurring.

Mutually Exclusive

Events or conditions that cannot occur at the same time, highlighting a clear distinction without overlap.

Addition Rule

A principle in probability and statistics that calculates the likelihood of any of multiple mutually exclusive events occurring.