Keep Corporation Joined an Affiliated Group by Merger in 2016

question 91

True/False

Keep Corporation joined an affiliated group by merger in 2016. The group generated a consolidated 2016 NOL, and Keep's share of the loss was $50,000. Lacking an election by the parent to the contrary, Keep can carry the loss back to its separate 2014 return, and the parent can claim a tax refund.

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Definitions:

Unfractured Granite

Unbroken or intact granite rock, typically characterized by its hard, coarse-grained structure without significant cracks or breaks.

Permeability

A measure of how easily fluids can pass through a porous rock or sediment.

Water Table

The level below the Earth's surface at which the ground is fully saturated with water.

Zone of Saturation

The area beneath the Earth's surface where all the pores and fractures of the rock are filled with water.