29 Jun Question 19. For two or mo
Question
19. For two or more corporations to file a consolidated tax return, the parent must own what percentage of the voting power of all classes of stock and what percentage of the fair value of all the outstanding stock of the corporation?
a. 90%
b. 80%
c. 70%
d. 60%
20. In calculating the voting power and market value for two or more corporations to file a consolidated tax return, preferred stock is included only if it
a. is entitled to vote.
b. is not limited and not preferred as to dividends.
c. does have redemption rights beyond its issue price plus a reasonable redemption or liquidation premium and is convertible into the other class of stock.
d. meets any the above conditions.
21. Consolidated firms that meet the tax law requirements to be an affiliated group
a. must file a consolidated return.
b. must receive permission of the Internal Revenue Service to file separately.
c. may elect to file as a single entity or as a consolidated group.
d. cannot change the method of filing in the future.
22. When an affiliated group elects to be taxed as a single entity, taxable income is calculated based on
a. consolidated income as determined on the consolidated worksheet.
b. each firms separate income.
c. each firms separate income with adjustments for intercompany transactions.
d. none of the above.
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