Required: If Trio elects to file a U.S. consolidated return, compute consolidated taxable income assuming that: a. Subsidiary 1 is a domestic corporation, and Subsidiaries 2 and 3 are foreign corporations. b. Subsidiaries 2 and 3 are domestic corporations, and Subsidiary 1 is a foreign corporation.

Choose the correct. Which of the following is not a reason for two companies to file separate tax returns?a. The parent owns 68 percent of the subsidiary.b. They have no intra-entity transactions.c. Intra-entity dividends are tax-free only on separate returns.d. Neither company historically has had an operating tax loss.

The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $16,200 Sub1 (1,620) Sub2 6,480 Sub3 3,240   Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "0". a.  What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is $24,300 and the total consolidated tax liability is $5103. b.  If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3?

Please do not give solution in image format ?

True or False: An S Corporation recognizes gain on the distribution of appreciated property to its shareholders which is then reported to its shareholders on Schedule K-1.

Which of the following dividends received by lon Corp. would NOT be subject to Part IV tax? O A. Dividends received from a wholly owned subsidiary of lon Corp. and, as a result of distributing this dividend, the wholly owned subsidiary received a dividend refund of $5,000. O B. Dividends received from lon Corp.'s portfolio of investments that are deductible in the calculation of taxable income for lon Corp. O C. Dividends received from an unconnected company that is deductible in the calculation of taxable income for lon Corp. O D. Dividends received from a wholly owned subsidiary of lon Corp. and the wholly owned subsidiary did not receive a dividend refund in the current year.

1. Establishes the tax differences between individuals and corporations in the United States. 2. Explains Form M-1 and what it is used for. 3. Explains Form 1125-A and what it is used for.

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Which of the following statements is true related to the conversion of a regular corporation to a limited liability company taxed as a partnership? A. In the conversion of a C corporation to an LLC taxed as a partnership, the transfer of appreciated assets from the liquidating corporations is not taxed at the corporate level. B. The corporation can contribute it's assets and liabilities into the new LLC in exchange for ownership interests. The corporation then distributes the LLC interests to it's shareholders in liquidation of the shareholders corporate stock. C. If the corporation distributes it's assets and liabilities to it's shareholders in liquidation of the new corporation, the shareholders are restricted from contributing these assets into the new partnership. D. The existence of substantially appreciated intangibles and goodwill with little or no tax basis has no consequences when converting a C corporation to an LLC

18. Current Attempt in Progress         Taxable income of a corporation differs from pretax financial income because of   PermanentDifferences TemporaryDifferences Yes No Yes Yes   No No No Yes