Keep Corporation Joined an Affiliated Group by Merger in 2010

question 52

True/False

Keep Corporation joined an affiliated group by merger in 2010. The group generated a 2016 consolidated NOL, and Keep's share of the loss was $50,000. Keep's share of the loss is included in the group's NOL carryforward to 2017.

---

Definitions:

Allocare

Literally, “other-care”; the care of children by people other than the biological parents.

Biological Parents

The parents who are genetically related to the child, typically referring to the mother and father from whom the child inherits DNA.

Cognitive Theory

A theoretical perspective that emphasizes internal mental processes as the key to understanding human behavior.

Working Model

In cognitive theory, a set of assumptions that the individual uses to organize perceptions and experiences. For example, a person might assume that other people are trustworthy and be surprised by an incident in which this working model of human behavior is erroneous.