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 fi le a consolidated tax return?

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06-12-2022
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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 fi le a consolidated tax return?

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shivanijain4931 shivanijain4931 · Answer 1 · 2022-12-07T18:39:03+01:00

Grommet Corporation, Staple Inc. and Binder corporation are eligible to file a consolidated tax return because Grommet and Staple each own 50% of the outstanding stock of Binder.

A tax return is the of entirety of documentation that calculates an entity or character's profits earned and the amount of taxes to be paid to the government or government businesses or, potentially, back to the taxpayer. Taxation is one in every of the most important assets of income for the government.

Income Tax return (ITR) is a form which a person is meant to submit to the profits Tax branch of India. It incorporates records approximately the character's earnings and the taxes to be paid on it all through the yr.

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