Question 16 (1 point)
JB Enterprises, ing reported the following information for 2006
13
14
15
Sales
1,500,000
costs of Goods Sold
2,100,000
Operating Expenses
1,000,000
Dividend Income
100,000
Dividends pald
80,000
I owns less than 20% of the stock in an other company, JB's taxable income is
A)
1,350,000
D) $1,500,000
C) $1,400,000
D) $1,430,000
O
bec to

The stock of grommet corporation, a u.s. company, is publicly traded, with no single shareholder owning more than 5 percent of its outstanding stock. grommet owns 95 percent of the outstanding stock of staple inc., also a u.s. company. staple owns 100 percent of the outstanding stock of clip corporation, a canadian company. grommet and clip each own 50 percent of the outstanding stock of fastener inc., a u.s. company. grommet and staple each own 50 percent of the outstanding stock of binder corporation, a u.s. company. which of these corporations form an affiliated group eligible to file a consolidated tax return?