When a new corporation is created from the old subsidiary under provisions of § 338, the new corporation may
A)Adopt any tax year that suits its purposes, limited only by the consolidated return rules
B)Disregard anti-churning rules and use ACRS depreciation for all of the purchased property
C)Not have available any net operating loss carryovers of the old subsidiary
D)Do all of the above

Question

Quizplus · Accepted Answer

The Answer of When a new corporation is created from the old subsidiary under provisions of § 338, the new corporation may
A)Adopt any tax year that suits its purposes, limited only by the consolidated return rules
B)Disregard anti-churning rules and use ACRS depreciation for all of the purchased property
C)Not have available any net operating loss carryovers of the old subsidiary
D)Do all of the above

When a New Corporation Is Created from the Old Subsidiary