Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the subsidiary, has a separate return year NOL of $14,000 from last year. Jackson Corporation has a separate return year NOL of $16,000 from last year. Commencing this year, the
two corporations filed a consolidated tax return. The NOLs can be carried over
A) to a consolidated return year and both are SRLY (separate return limitation year) losses.
B) to a consolidated return year and Tanker's loss is a SRLY loss.
C) to a consolidated return year without limit.
D) to a consolidated return year and Jackson's loss is a SRLY loss.
C) to a consolidated return year without limit.
Since the corporations were affiliated since inception, the SRLY loss limitation does not apply.
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Win Shield International manufactures trophies. Each trophy goes through two departments in the production process and requires two direct labor hours in Department A and one hour in Department B. Labor cost is $8 per hour in Department A and $10 per hour in Department B. Assuming the amount budgeted to be produced in March is 30,000 units, what is the budgeted direct labor cost of Win Shield for
March? A) $810,000 B) $840,000 C) $780,000 D) $540,000
Which of the following statements is incorrect?
a. A stock is a certificate representing partial ownership in a corporation. b. Like debt securities, common stock is issued by firms to obtain funds. c. Stocks are issued by corporations to raise short-term funds. d. The secondary stock market enables investors to sell stocks that they had previously purchased.
A transaction has been recorded in the T-accounts of Hough Company as follows:Cash500 Notes Payable 500Which of the following reflects how this event affects the company's financial statements? Asset=Liab.+Stk.EquityRev.-Exp.=Net Inc.Stmt ofCash FlowsA.+=++NANA-+=-+FAB.+=++NANA-NA=NA+OAC.+=NA+++-NA=++OAD.+=++NANA-NA=NA+FA
A. Option A B. Option B C. Option C D. Option D
Answer the following statement(s) true (T) or false (F)
Amazon was one of the first unicorns, breaking above $1 billion as a private company.