Which of the following statements is true with regard to intercompany transactions?

A: An intercompany transaction is eliminated from consolidated taxable income.

B: All intercompany gains are recognized, but losses must be deferred.

C: A cash sale of a business asset by the purchasing member to an acquirer outside of the group triggers immediate recognition of the gain or loss.

D: The gain or loss on an intercompany transaction is deferred for up to 10 years after which it is recognized.