Conformity among the members of a consolidated group must be implemented for which of the following tax items?
A)Use of foreign tax payments (i.e., as a credit or deduction).
B)Tax accounting method (i.e., cash or accrual).
C)Inventory accounting method (e.g., FIFO or dollar-cost averaging).
D)Tax year-end.

Question

Quizplus · Accepted Answer

Conformity in a consolidated group is required for the tax year-end to ensure that all members of the group report their income and expenses for the same period, facilitating the consolidation of financial statements and tax returns.

Conformity Among the Members of a Consolidated Group Must Be