Ocean,Inc. ,a domestic corporation,owns 100% of Atlantic,a German corporation,and 100% of Pacific,a Singapore corporation.If Ocean wants to claim the "permanent reinvestment" benefits provided by APB 23,it can use ASC 740-30 (APB 23)for either,or both,Atlantic and Pacific.

Question

Quizplus · Accepted Answer

As per the given information, Ocean owns 100% of both Atlantic and Pacific corporations, which means it has control over them. Therefore, it can use ASC 740-30 (APB 23) to claim the "permanent reinvestment" benefits for either or both of these corporations. Hence, the statement is true.

Ocean,Inc ,A Domestic Corporation,owns 100% of Atlantic,a German Corporation,and 100