44. Prisha and Ryia Corporations have filed consolidated tax returns for several calendar years. At the...
44. Prisha and Ryia Corporations have filed consolidated tax returns for several calendar years. At the close of business on September 30, Prisha Corporation sells all of the Riya Corporation stock. What portion of Prisha's and Riya's income for the current year will be included in the consolidated return, assuming its income is earned evenly throughout the year and all months have 30 days?
A)
|
Prisha |
Riya |
|
100% |
100% |
B)
|
Prisha |
Riya |
|
75% |
100% |
C)
|
Prisha |
Riya |
|
100% |
75% |
D) none of the above
Homework Answers
| C) | ||
| Prisha | Riya | |
| 100% | 75% | Correct |
| D) none of the above | ||
| Prisha and Riya has 100% ownership before filing consolidated tax return ,on sept 30 Prish sold all the stocks of Ryia so Riya's allocation would be for 9 months so her income allocation % would 9/12 months = 75%. |
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