A penalty can be assessed by the IRS if the parent corporation does not keep good records to support the computation of a subsidiary's stock basis.

Name: A penalty can be assessed by the IRS if the parent corporation does not keep good records to support the computation of a subsidiary's stock basis.
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The IRS may assess a penalty if the parent corporation does not keep good records to support the computation of a subsidiary's stock basis, which is required for tax purposes.

A Penalty Can Be Assessed by the IRS If the Parent