Search results
Dec 1, 2023 · Consolidated Tax Return: A comprehensive tax return that encompasses a group of smaller entities. Consolidated tax returns are often filed by business conglomerates on behalf of all subsidiary ...
- Julia Kagan
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 ...
People also ask
Do affiliated groups file consolidated returns?
What should a group consider when filing a consolidated return?
What is a consolidated group?
Do consolidated returns affect a group's tax liability?
Even if two or more corporations constitute an affiliated group, the corporations must file separate returns unless they elect to file a consolidated return. The term “affiliated group” is defined in Section 1504(a) of the Internal Revenue Code to include one or more chains of “includible corporations” connected through stock ownership ...
This Portfolio discusses the advantages and disadvantages of filing consolidated returns. It also analyzes: (1) the administrative rules for electing and filing consolidated returns; (2) the eligibility requirements that must be met in order to file a consolidated return; and (3) the computation of estimated tax payments if consolidated returns ...
group with respect to the group’s consolidated tax liability. The final regulations have added a provision for a default substitute agent for the group under certain circumstances. If the common parent fails to designate a substitute agent before its existence terminates and it has a single successor that is a domestic
- 44KB
- 28
Mar 6, 2015 · Taxable Year of Consolidated Group: §1.1502-76 (Current Law) Group must use common parent’s taxable year (§1.1502-76(a)(1)) Consolidated return must include income of subsidiary only for portion of year it is a member of the group (§1.1502-76(b)(1)(i)) The years that begin/end with a subsidiary becoming or ceasing to be a member of a ...
Feb 7, 2024 · Corporate - Group taxation. An affiliated group of US 'includible' corporations, consisting of a parent and subsidiaries directly or indirectly 80% owned, generally may offset the profits of one affiliate against the losses of another affiliate within the group by electing to file a consolidated federal income tax return.
