With regard to consolidated tax returns, which of the following statements is true? Operating losses of one group member may be used to offset operating profits of the other members included in the consolidated return. Only corporations that issue their audited financial statements on a consolidated basis may file consolidated returns. Of all intercompany dividends paid by the subsidiaries to the parent, 70% are excludable from taxable income on the consolidated return. The common parent must directly own 51% or more of the total voting power of all corporations included in the consolidated return.