Question: In computing a groups consolidated taxable income, the first step is to: a. Compute the taxable income amounts for each affiliate on a standalone basis.

In computing a groups consolidated taxable income, the first step is to:

a. Compute the taxable income amounts for each affiliate on a standalone basis.

b. Obtain IRS permission to file on a consolidated basis for another tax year.

c. Eliminate the results of all intercompany transactions for the tax year.

d. Compute the allowable group NOL carryforward.

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