Identify which of the following statements is false.
A)Unused general business credit carryforwards, which originate in a consolidated return year, are absorbed in a FIFO manner, beginning with the earliest ending tax year.
B)An intercompany transaction is a transaction that takes place between two corporations that are members of the same affiliated group immediately after the transaction.
C)An intercompany item includes income reported by the seller on the providing of services by one group member to another group member and the gain/loss reported by the seller on the sale of property to another group member.
D)All of the above are false.

Question

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The Answer of Identify which of the following statements is false.
A)Unused general business credit carryforwards, which originate in a consolidated return year, are absorbed in a FIFO manner, beginning with the earliest ending tax year.
B)An intercompany transaction is a transaction that takes place between two corporations that are members of the same affiliated group immediately after the transaction.
C)An intercompany item includes income reported by the seller on the providing of services by one group member to another group member and the gain/loss reported by the seller on the sale of property to another group member.
D)All of the above are false.

Identify Which of the Following Statements Is False