Identify Which of the Following Statements Is True

question 38

Multiple Choice

Identify which of the following statements is true.

• A)When the acquiring corporation makes the Sec. 338 election, the target corporation is treated in many respects as a new corporation.
• B)A Sec. 338 election requires the adoption of the old target corporation's tax year by the new target corporation.
• C)Tax attributes of the target corporation are not lost when a Sec. 338 deemed liquidation election is made.
• D)All of the above are false.

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Definitions:

Manifest Function

The recognized and intended consequences of any social pattern, contributing to societal stability or function.

Latent Function

The unrecognized and unintended consequences of any social process, which may be beneficial, neutral, or harmful.

Dysfunction

The impairment or abnormal functioning of a system, organ, or part of an organism or society.

Cultural Hegemony

The dominance of one cultural group over others, influencing societal norms and values so that the ruling group's perspective becomes the accepted cultural norm.