Keep Corporation Joined an Affiliated Group by Merger in 2014

question 117

True/False

Keep Corporation joined an affiliated group by merger in 2014. The group generated a consolidated 2014 NOL, and Keep's share of the loss was $50,000. Lacking an election by the parent to the contrary, Keep can carry the loss back to its separate 2012 return, and the parent can claim a tax refund.

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Definitions:

Pulse Oximetry

A non-invasive method to measure the oxygen saturation level of the blood, often using a sensor placed on a fingertip.

Cyanotic

Refers to bluish discoloration of the skin and mucous membranes due to insufficient oxygen in the blood.

Pulse Deficit

The difference between the heart rate and the palpable pulse rate, which can indicate cardiac dysfunctions such as arrhythmias.

Apical

Pertaining to the tip or apex of an organ or structure, such as the apex of the heart.