Corporation P and its subsidiary S file consolidated returns on a calendar-year basis, and on September 30,
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Question:
Corporation P and its subsidiary S file consolidated returns on a calendar-year basis, and on September 30, 20X1, P sells all the stock of S. For the calendar year 20X1, what tax returns must be filed?
- P will file a consolidated return for the period January 1 through September 1, 20X1, and a separate return from October 1, 20X1 to December 31, 20X1
- P will file a separate tax return for the entire calendar year excluding the S income.
- P will file a single consolidated return and include the income of P for the entire year 20X1 and the income of S for the period January 1 through September 30.
- S will file a separate return for the entire calendar year.
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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