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Home Q & A Board Other Fields Homework Help Business Accounting
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Mandarini Mandarini
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7 years ago
Key and Glass Corporations were organized last year. They became an affiliated group and filed separate tax returns. This year, the corporations begin filing a consolidated tax return. Key and Glass report the following results:

Consolidated   Income (loss)
Last year   Income (loss)
Current year
Key
Glass   ($10,000)
  30,000   $40,000
  (15,000)

Which of the following statements is not correct?
A) Key's last year NOL cannot offset Glass's last year profits.
B) Key's last year NOL cannot offset this year's consolidated taxable income.
C) Key's current year income must first be offset by Glass's current year loss.
D) Glass cannot carry its current year loss back against last year's income.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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genflynngenflynn
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7 years ago
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We have the most crude accounting tools. It's tragic because our accounts and our national arithmetic doesn't tell us the things that we need to know.

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Mandarini Author
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7 years ago
This calls for a celebration Person Raising Both Hands in Celebration
kamikazekota
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Brilliant ツ
DAGINC
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2 hours ago
Smart ... Thanks!
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