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1. Which of the following is not generally a disadvantage of filing Federal corporate income...

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Accounting

1. Which of the following is not generally a disadvantage of filing Federal corporate income tax returns on a consolidated basis:
a. Net capital losses from one affiliate can offset the capital gains from another. This can reduce the tax liabilities of the group as a whole.
b. Realized losses from transactions between affiliates are not recognized immediately.
c. Compliance costs usually are higher when a consolidation election is in effect.
d. The election generally is binding for future tax years.
2.The tax treatment of reorganizations almost parallels the Federal income tax treatment for like-kind exchanges.
a. True
b. False

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