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Thanks for your HELP!!! 41. Identify which of the following statements is true. A) Corporations that...

Thanks for your HELP!!!

41. Identify which of the following statements is true.

A) Corporations that join in a consolidated return must adopt the same tax year as the parent corporation.

B) Permission to discontinue the filing of consolidated tax returns is sometimes granted by the IRS.

C) Additional administrative costs may be incurred when filing a consolidated tax return.

D) All of the above are true.

42. Halperin Corporation owns stock of Leon Corporation. For Halperin and Leon to qualify for the filing of consolidated returns, at least what percentage of Halperin's total voting power and total value of stock must be directly owned by Leon?

A)

Total voting power

Total Value of stock

51%

51%

B)

Total voting power

Total Value of stock

51%

80%

C)

Total voting power

Total Value of stock

80%

80%

D)

Total voting power

Total Value of stock

80%

51%
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Answer #1

41) Corporations in a consolidated return must adopt the same tax year.

The answer is A.

42) For filing consolidated returns, total voting power and total value of stock has to be 80% or more.

The answer is C.

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