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| Gold and Silver are calendar-year C corporations. On June 30th of the current year, Silver Corporation acquired 85% of the outstanding stock of Gold Corporation. As a result, Gold is now a subsidiary of Silver, with Silver Corporation owning 85% of Gold’s voting stock and fair market value (FMV). Which of the following tax return filings would be appropriate for the two companies? A. A consolidated return, because the acquisition of Gold took place before the close of the second quarter. B. Two separate returns, because Silver owns at least 80% of both the voting stock and FMV of Gold. C. A consolidated return, because Silver owns at least 80% of both the voting stock and FMV of Gold. D. Two separate returns, because the acquisition of Gold took place before the close of the second quarter. |