Expert Answer :CHAPTER 1UNDERSTANDING AND WORKING WITH THE FED

Solved by verified expert :829. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #17If there is a balance in the excess loss account when a subsidiary’s stock is sold, the balance is recognized as ____________________.830. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #18The consolidated return rules combine the members’ transactions involving ____________________ items when computing consolidated taxable income.831. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #19In computing consolidated taxable income, a charitable contribution is an example of a(n) ____________________ item.832. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #20In computing consolidated taxable income, the profit/loss from a sale between Subsidiary and Parent is an example of a(n) ____________________ item.833. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #21In computing consolidated taxable income, the purchase of database services by Subsidiary from Parent is an example of a(n) ____________________ transaction.834. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #22The ____________________ rules can limit the net operating loss deduction claimed on a Federal consolidated return.835. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #23When both apply, the § 382 NOL limitation rules override the ____________________ limits.836. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #24The capital gain/loss of the affiliates is an example of an item that is computed on a ____________________ basis on a Federal corporate income tax consolidated return.837. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #25The casualty/theft gain/loss of the affiliates is an example of an item that is computed on a ____________________ basis on a Federal corporate income tax consolidated return.838. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #26If one member sells an asset with a realized loss to another member of an affiliated group, any loss on the transaction is not recognized at that time; such a deferral applies the ____________________ rule.839. CHAPTER 8CONSOLIDATED TAX RETURNS Question CO #27In the year that the group terminates its consolidation election, a consolidated group’s deferred gain from an intercompany asset sale between affiliates is recognized in full, under the ____________________ rule.