Strayer University ACC565 Week 11 Final Exam

Mar 30th, 2015
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Strayer University
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Parent and Subsidiary Corporations have filed calendar-year consolidated tax returns for several years. Parent Corporation uses the cash method of accounting while Subsidiary Corporation uses the accrual method of accounting.

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?ACC 565 WK 11 Final Exam To be an affiliated group, the parent corporation must directly own at least 80% of another group member.2) A Canadian subsidiary cannot file as part of the consolidated group with its U.S. parent.3) Brother-sister controlled groups can elect to file a consolidated tax return.4) An advantage of filing a consolidated return is that losses of one affiliated group member may be offset against the taxable income of other group members in the same tax year.5) The election to file a consolidated return is made annually.6) A separate return year is a corporation's tax year for which it files a separate tax return or files a consolidated tax return with another affiliated group.7) P and S are members of an affiliated group that has filed consolidated tax returns for a number of years. The sale of inventory by P that was acquired from S in an intercompany transaction outside the affiliated group triggers the recognition of gain by S.8) Intercompany dividends and undistributed subsidiary earnings do not create temporary differences for affiliated companies filing a consolidated return.9) A member's portion of a consolidated NOL may be carried back against that member's taxable income from the preceding two separate return years.10) The treatment of capital loss carrybacks and carryovers is similar to NOLs.11) The IRS can attempt to collect taxes owed on a consolidated return from a

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