Which of the following is eligible to file Federal income tax returns on a consolidated basis?
A)U.S. corporation engaged in the oil and gas industry.
B)Japanese corporation engaged in multinational operations, including two-thirds of its activities in the U.S.
C)Japanese corporation engaged in multinational operations, including one-third of its activities in the U.S.
D)A limited liability company operating exclusively in Texas.
E)None of the above can file consolidated returns.

Question

Quizplus · Accepted Answer

Only U.S. corporations are eligible to file Federal income tax returns on a consolidated basis. In this case, a U.S. corporation engaged in the oil and gas industry fulfills this requirement, while the other options do not.

Which of the Following Is Eligible to File Federal Income