Question: Apply the controlled and affiliated group rules to determine whether a parent-subsidiary controlled group or an affiliated group exists in each of the following independent

Apply the controlled and affiliated group rules to determine whether a parent-subsidiary controlled group or an affiliated group exists in each of the following independent situations. Circle Y for yes and N for no.

Parent-Subsidiary Controlled Group?Affiliated Group? Situation Throughout the year, Parent owns 65% of the stock of SubCo. Parent owns 70% of Subco. The other 30% of Subco stock is owned by Senior, a wholly owned subsidiary of Parent. For 11 months, Parent owns 75% of the stock of SubCo. For the last month of the tax year, Parent owns 100% of the SubCo stock. a Y N Y N b. Y N Y N c. Y N Y N

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