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
D) Tax year-end.
E)g., FIFO or dollar-cost averaging).

Question

Quizplus · Accepted Answer

Conformity among the members of a consolidated group must be implemented for the tax year-end to ensure that all members of the group report their income and expenses for the same period, facilitating consolidated tax reporting.

Conformity Among the Members of a Consolidated Group Must Be