A Consolidated Tax Return Must Be Filed on the Basis

A consolidated tax return must be filed on the basis of the common parent's taxable year.Which of the following statements is not true?

A) Each subsidiary must adopt the parent's annual accounting period for the initial consolidated tax return.
B) A subsidiary must obtain advance permission from the Commissioner to change its tax year to conform to the accounting period of the parent.
C) The IRS has ruled that it will allow a parent corporation to change its taxable year to that of its subsidiary.
D) Consolidated tax returns could result in a tax savings.
E) All of the above statements are true.