Which of the following statements is incorrect with respect to parent-subsidiary corporations? O If a consolidated tax return is filed, losses on intercompany sales cannot be immediately recognized. O A parent-subsidiary group must file a consolidated tax return. O A parent-subsidiary group is one where a common parent corporation owns, directly or indirectly, at least 80% of one or more other corporations. O With a consolidated return, net losses of one company can offset net income from another company