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 (e.g., FIFO or LIFO).
D) Election to claim the § 179 depreciation expensing amount.
E) Tax year end.

Question

Quizplus · Accepted Answer

Conformity among the members of a consolidated group is required for the tax year end to ensure consistency and simplify the filing of a consolidated tax return.

Conformity Among the Members of a Consolidated Group Must Be