In Computing a Group's Consolidated Taxable Income, the First Step

Multiple Choice

In computing a group's consolidated taxable income, the first step is to:

A) Compute the taxable income amounts for each affiliate on a standalone basis.
B) Obtain IRS permission to file on a consolidated basis for another tax year.
C) Eliminate the results of all intercompany transactions for the tax year.
D) Compute the allowable group NOL carryforward.