Identify which of the following statements is true.

Question

Quizplus · Accepted Answer

A) Permission to discontinue the filing of consolidated tax returns is sometimes granted by the IRS.
B) Corporations that join in a consolidated return must adopt the same tax year as the parent corporation.
C) Additional administrative costs may be incurred when filing a consolidated tax return.

All three statements are true. Permission to discontinue consolidated tax return filing can be granted by the IRS, corporations joining in a consolidated tax return must have the same tax year as the parent corporation, and there may be additional administrative costs associated with filing a consolidated tax return.

Identify Which of the Following Statements Is True