When a consolidated return is filed by an affiliated group of includible corporations connected from inception through the requisite stock ownership with a common parent

a. Intercompany dividends are excludable to the extent of 80%.

b. Operating losses of one member of the group offset operating profits of other members of the group.

c. Each of the subsidiaries is entitled to an alternative minimum tax exemption.

d. Each of the subsidiaries is entitled to an accumulated earnings tax credit.