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When an affiliated group elects to be taxed as a single entity, taxable income is calculated based on A. each firms separate income with adjustments

When an affiliated group elects to be taxed as a single entity, taxable income is calculated based on

A. each firms separate income with adjustments for intercompany transactions.

B. each firms separate income.

C. consolidated income as determined on the consolidated worksheet.

D. none of the answers are correct.

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