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safezone safezone
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7 years ago
Last year, Trix Corporation acquired 100% of Track Corporation. The acquisition occurred on July 1, which was five months after Track's creation. The corporations filed separate returns that year and have filed consolidated returns since then. The group results for the years, excluding the NOL deduction, are shown below.

Corporation   Taxable Income
Last year   Taxable Income
Current year
Trix
Track
Consolidated Taxable Income   ($12,000)
( 10,000)
($22,000)   $34,000 
( 2,000)
$32,000 

Which of the following statements is incorrect?
A) Last year is an SRLY (separate return limitation year) with respect to Track Corporation.
B) Track's last year loss is offset against the consolidated current taxable income.
C) Track's last year loss can be used to offset the current year's consolidated taxable income.
D) None of Track's last year's loss can be used to offset the current year's consolidated taxable 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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RimounRimoun
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safezone Author
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7 years ago
Thank you, thank you, thank you!
sakoon
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Yesterday
This helped my grade so much Perfect
DragonHeart
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2 hours ago
Good timing, thanks!
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