Identify Which of the Following Statements Is True

question 61

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

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Definitions:

Environment Changes

Variations or alterations in the natural or built environment, typically resulting from human activities or natural processes.

Human Activity

Actions or tasks performed by humans which influence or interact with the environment or society.

Environmental Sustainability

Practices and policies designed to protect and preserve natural resources for future generations, ensuring a balanced relationship with the environment.

British Petroleum

A global oil and gas company headquartered in London, England, known for its petroleum and energy operations.