Which of the following statements is true?
A)A consolidated group determines its general business credit on a consolidated basis.
B)The general business credit can be carried back 3 years and forward 15 years.
C)The general business credit can be carried forward indefinitely.
D)The general business credit cannot be carried forward or backward.

Question

Quizplus · Accepted Answer

A consolidated group, which consists of a parent company and its subsidiaries, determines its general business credit on a consolidated basis. This means that the credits of all members of the group are combined to calculate the total general business credit available to the group.

Which of the Following Statements Is True