Purple, Inc., a domestic corporation, owns 100% of Blue, Ltd., a foreign corporation and Yellow, Inc., a domestic corporation. Purple also owns 40% of Green, Inc., a domestic corporation. Purple receives no distributions from any of these corporations. Which of these entities' net income are included in Purple's GAAP income statement for current year financial reporting purposes?
A) Purple, Yellow, and Green.
B) Purple, Blue, and Yellow.
C) Purple, Blue, and Green.
D) Purple, Blue, Yellow, and Green.
Correct Answer:
Verified
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