Identify Which of the Following Statements Is True

question 72

Multiple Choice

Identify which of the following statements is true.

• A)An affiliated group member's allocated share of an NOL from a consolidated return year may not be available as a carryback to a separate return year of the common parent corporation.
• B)If a corporation ceases to be a member of an affiliated group,the corporation is entitled to carry forward its share of the consolidated NOL even if the NOL could be used in full on the consolidated return for the year of cessation.
• C)The SRLY (separate return limitation year)rules are designed to prevent the affiliated group from offsetting its current year taxable income by purchasing corporations having NOL carryovers in order to use their NOLs.
• D)All of the above are false.

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Definitions:

Social Psychology

Investigating how the real, perceived, or implicit presence of others affects people's mental processes, emotions, and conduct.

Developmental Psychology

The study of how and why human beings change over the course of their life, from infancy through adulthood.

Common Sense

The basic level of practical knowledge and judgment that we all need to help us live in a reasonable and safe way.

Dyadic Relationships

Relationships involving two individuals, often focusing on a particular interaction or bond between them.