Which one of the following statements regarding E&P carryover is false?
A) E&P of target corporation only is considered.
B) The loss corporation's deficit in E&P may be used to offset the E&P of the profitable corporation.
C) A deficit in E&P can be used to offset E&P arising from the separate corporations in the tax year prior to the transfer.
D) All are false.
Correct Answer:
Verified
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