If P, S, and T File a Consolidated Tax Return

question 7

Multiple Choice

If P, S, and T file a consolidated tax return on a calendar year basis, and P sells the stock of S on October 1, then:

• A)S must file a separate return for the period of Jan.1-Oct.1.
• B)T must file a separate return for the period of Oct.2-Dec.31.
• C)P must file a separate return for the period of Oct.2-Dec.31.
• D)S must file a separate return for the period of Oct.2-Dec.31.
• E)P must file a separate return for the period of Jan.1-Oct.1.

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Definitions:

Physical Exercise

Activities requiring physical effort, carried out to sustain or improve health and fitness.

Development

The process of growth or progress, typically involving the gradual increase in complexity or capability.

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The act of using one's hands to stop and hold a ball that has been thrown, kicked, or hit in one's direction.

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A theory in psychology proposed by Abraham Maslow, which posits a hierarchy of human needs beginning with basic physical requirements before moving to higher-level needs.