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:

Social Groups

Collections of individuals defined by common characteristics, such as interests, values, heritage, or occupation.

Collectives

Groups of individuals that share or are motivated by at least one common issue or interest, or work collectively on a specific project.

Categories

Classifications or groupings of items based on shared characteristics or attributes.

Face-to-Face Interaction

Direct interaction between individuals, characterized by nonverbal cues, immediate feedback, and personal engagement.