How is goodwill amortized? Multiple Choice It is not amortized for reporting purposes or for tax purposes. ) It is not amortized for reporting purposes, but is amortized over a 5-year life for tax purposes. It is not amortized for tax purposes, but is amortized over a 5-year life for reporting purposes. Oo oo C ) It is not amortized for tax purposes, but is amortized over a 15-year life for reporting purposes. It is not amortized for reporting purposes, but is amortized over a 15-year life for tax purposes. Why might a consolidated group file separate income tax returns? Multiple Choice There are no intra-entity transfers. There are no deferred intra-entity gross profits in ending inventory. One of the companies is a foreign company. o Parent owns 68 percent of one company and 82 percent of another. o o All of these answer choices are correct. Which of the following statements is true concerning connecting affiliations and mutual ownerships? Multiple Choice 0 In a mutual ownership, at least two companies in the consolidated group own portions of a third company. 0 There are at least four companies in a connecting affiliation. 0 In a connecting affiliation, at least one subsidiary owns stock in the parent company. In a mutual ownership, the subsidiary owns a portion of the parent's stock. There are only two companies in a connecting affiliation