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QUESTION
Which one of the following statements about a controlled group ofcorporations is NOT correct?
Which one of the following statements about a controlled group ofcorporations is NOT correct?
A) Any controlled group may elect to file consolidated federal income tax returns.
C) All members of a controlled group need not use the parent's tax year.
B) A parent corporation and its 80%-owned subsidiary make up a controlled group.
D) Members of a controlled group are entitled to only one accumulated earnings tax credit.
