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1. • Does not require

     • IRC §1501 allows, but does not require, an affiliated group of corporations to file a consolidated income tax return for the group.
     Reference:

     Consolidated Corporate Tax Returns - thismatter.com

2. People also ask

   Should a group file a consolidated tax return?

   • There are several advantages to filing a consolidated tax return, such as being able to centralize the planning, reporting, and paying of the tax, but once the choice is made to file consolidated returns, then the group must continue to do so thereafter.

   Consolidated Corporate Tax Returns - thismatter.com

   thismatter.com/money/tax/consolidated-corporate-tax-returns.htm

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   Do consolidated returns affect a group's tax liability?

   • If a group elects to file consolidated returns, it computes a single tax based on the incomes of all corporations in the group after numerous adjustments and eliminations. Thus, filing consolidated returns may substantially affect the group’s overall tax liability since losses of one member may be used to offset income or gains of another member.

   Consolidated Returns — Elections and Filing (Portfolio 754)

   pro.bloombergtax.com/portfolio/consolidated-returns-elections-and-filing-portfolio-754/

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   Do affiliated groups file consolidated returns?

   • Generally, affiliated groups may elect to file consolidated returns in lieu of separate returns. Affiliated groups are groups of “includible corporations” which are connected through stock ownership with a common parent which is an includible corporation.

   Consolidated Returns — Elections and Filing (Portfolio 754)

   pro.bloombergtax.com/portfolio/consolidated-returns-elections-and-filing-portfolio-754/

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   What if a consolidated tax return is 1st filed?

   • When a consolidated return for a group is 1 st filed, consent by all the corporations within the group is required, which subsidiaries do by filing Form 1122, Authorization and Consent of Subsidiary Corporation To Be Included in a Consolidated Income Tax Return and attaching it to their group's Form 1120.

   Consolidated Corporate Tax Returns - thismatter.com

   thismatter.com/money/tax/consolidated-corporate-tax-returns.htm

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3. www.investopedia.com › consolidated-tax-returnWhat Is a Consolidated Tax Return? Filing Process, Pros, and Cons

   www.investopedia.com › consolidated-tax-return

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   Dec 1, 2023 · 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...

   • Author: Julia Kagan

4. www.law.cornell.edu › cfr › text26 CFR § 1.1502-75 - Filing of consolidated returns.

   www.law.cornell.edu › cfr › text

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   A group which filed (or was required to file) a consolidated return for the immediately preceding taxable year is required to file a consolidated return for the taxable year unless it has an election to discontinue filing consolidated returns under paragraph (c) of this section.

5. www.taxprofessionals.com › articles › all-you-needAll You Need to Know About Consolidated Tax Return

   www.taxprofessionals.com › articles › all-you-need

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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 ...

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7. pro.bloombergtax.com › portfolio › consolidatedConsolidated Returns — Elections and Filing (Portfolio 754)

   pro.bloombergtax.com › portfolio › consolidated

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   Bloomberg Tax Portfolio, Consolidated Returns — Elections and Filing, No. 754, analyzes the eligibility requirements and the scope of the consolidated return regulations. Generally, affiliated groups may elect to file consolidated returns in lieu of separate returns.

8. www.ecfr.gov › subject-group-ECFRebdf574018b8c1eeCFR :: 26 CFR Part 1 - Consolidated Return Regulations

   www.ecfr.gov › subject-group-ECFRebdf574018b8c1e

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   § 1.1502-1 Definitions. ( a) Group. The term group means an affiliated group of corporations as defined in section 1504. See § 1.1502-75 (d) as to when a group remains in existence. Except as the context otherwise requires, references to a group are references to a consolidated group (as defined in paragraph (h) of this section). ( b) Member.

9. taxsummaries.pwc.com › corporate › group-taxationUnited States - Corporate - Group taxation

   taxsummaries.pwc.com › corporate › group-taxation

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   Feb 7, 2024 · 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.

10. thismatter.com › money › taxConsolidated Corporate Tax Returns - thismatter.com

    thismatter.com › money › tax

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    IRC §1501 allows, but does not require, an affiliated group of corporations to file a consolidated income tax return for the group. Consolidated corporate returns have been allowed since 1918, in recognition of the fact that although many businesses achieve some of their objectives with multiple legal entities, the tax code recognizes that the ...