Jackson and Tanker Corporations Are Members of an Affiliated Group

question 70

Multiple Choice

Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the subsidiary, has a separate return year NOL of $14,000 from last year. Jackson Corporation has a separate return year NOL of $16,000 from last year. Commencing this year, the two corporations filed a consolidated tax return. The NOLs can be carried over

• A)to a consolidated return year and both are SRLY (separate return limitation year)losses.
• B)to a consolidated return year and Tanker's loss is a SRLY loss.
• C)to a consolidated return year without limit.
• D)to a consolidated return year and Jackson's loss is a SRLY loss.

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Definitions:

Specificity Theory

A theory suggesting that pain signals are transmitted to the brain through specific neural pathways distinct from other sensory systems.

Gate Control Theory

A theory proposing that the perception of pain is not directly proportional to the amount of tissue injury, but rather, is modulated by interplay between different neurons in the spinal cord.

Psychological Factors

Aspects of an individual's mental and emotional state that can affect their physical health and overall well-being.

Opiate Analgesics

Medications derived from opium or synthetic analogs that are used to alleviate pain by acting on the central nervous system.