For each of the following situations, select the best answer concerning accounting for income taxes in combinations:(A) May file a consolidated income tax return.(B) May not a file consolidated income tax return.(C) Must file a consolidated income tax return.________ 1. Parent company owns 85% of the voting stock of the subsidiary, and there are significant intra-entity transfers.________ 2. Subsidiary is a foreign corporation.________ 3. Parent company owns 90% of the voting stock of the subsidiary, but there are no intra-entity transfers of inventory.________ 4. Parent company owns 75% of the voting stock of the subsidiary but there are no intra-entity transfers of inventory.________ 5. Parent company owns 90% of the voting stock of the subsidiary, and there are intra-entity transfers
of inventory.________ 6. Parent company owns 75% of the voting stock of the subsidiary and there are intra-entity transfers of inventory.
What will be an ideal response?
(1) A; (2) B; (3) A; (4) B; (5) A; (6) B
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The doctrine of precedent requires
a. that the victim testify. b. that the defendant testify. c. a 12-member jury of the defendant's peers. d. judges to base rulings on previous cases.
Which of the following is true of a contract between two minors?
A) Only the person of a lower age has the right to avoid the contract. B) Each minor has the right to avoid the contract. C) Each minor is bound by the contract D) Each minor is bound until he or she reaches the age of majority.
A company bids on projects and submits false information in the bids in order to help win the bids. When this "scheme or artifice" occurs, there would most likely be a conviction for:
a. money laundering b. mail fraud c. insider trading d. embezzlement e. none of the other choices
The same exact requirements for forming and contributing property govern S corporations and partnerships.
Answer the following statement true (T) or false (F)