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A consolidated tax return is a corporate income tax return of an affiliated group, who elect to report their combined tax liability on a single return. How To File A Consolidated Tax Return. Consent by all the corporations within a group to file a consolidated return, which subsidiaries do by filing Form 1122, Authorization and Consent Income ...
If two or more members of a combined group file a federal consolidated return, the group's accounting period is the federal taxable period of the federal consolidated group. In all other instances, the accounting period is the federal taxable period of the reporting entity.
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At the state level, members of a multi-corporate group may, depending on the circumstances and the laws of the particular state, determine their state taxable income using the separate return, combined report, or consolidated return methods.
2 days ago · A consolidated tax return is a corporate income tax return of an affiliated group of corporations that elect to report their combined tax liability on a single return. This tax return...
- Julia Kagan
Sep 1, 2019 · Not only does a worldwide combined filing affect the income or loss included in the group's return, it may also impact state tax adjustments. States begin their income tax computations with federal taxable income and then make adjustments or modifications to arrive at state taxable income.
If a group wishes to exercise its privilege of filing a consolidated return, such consolidated return must be filed not later than the last day prescribed by law (including extensions of time) for the filing of the common parent 's return.
A corporation generally qualifies as a “component member” of a controlled group of corporations for a tax year if it is a member on December 31 that falls within that taxable year. See IRC Section 1563 (b) (1) (A).
