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SCHEDULE CR PRO FORMA FEDERAL CONSOLIDATED RETURN SCHEDULE Form 720 41A720CR (1011) Taxable Year Ending / Mo. Yr. (Attach All Applicable Schedules) Commonwealth of Kentucky DEPARTMENT OF REVENUE Name

How to fill out consolidated return schedule

How to fill out consolidated return schedule

1. Gather all the necessary financial information for your consolidated group, including the income statements, balance sheets, and tax returns for each member of the group.
2. Determine the eligibility requirements for filing a consolidated return schedule. Generally, eligible groups consist of a parent company and one or more subsidiary companies that meet certain ownership criteria.
3. Complete Form 1120 Consolidated Return Schedule, which is an attachment to your consolidated group's federal income tax return.
4. Provide the required information on the schedule, such as the names and tax identification numbers of each member, as well as consolidated income, deductions, and credits.
5. Calculate the consolidated taxable income for the group based on the information provided. This includes combining the income and deductions of all members and making any necessary adjustments.
6. Allocate the consolidated taxable income among the members of the group according to their respective ownership percentages.
7. File the consolidated return schedule, along with your federal income tax return, by the appropriate deadline. Be sure to keep a copy for your records.

Who needs consolidated return schedule?

1. Companies that have a parent-subsidiary structure may need to file a consolidated return schedule.
2. A consolidated return schedule is required when a parent company and its subsidiaries meet the ownership requirements for filing as a group.
3. Businesses that choose to file a consolidated return schedule can potentially benefit from the ability to offset the income of one member against the losses of another, resulting in overall tax savings.

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What is consolidated return schedule?

Consolidated return schedule is a form filed by a group of corporations that elect to file a single tax return as a consolidated group.

Who is required to file consolidated return schedule?

Corporations that are part of an affiliated group and choose to file a consolidated return must file a consolidated return schedule.

How to fill out consolidated return schedule?

To fill out a consolidated return schedule, corporations must include information on the income, deductions, credits, and other tax-related information for the members of the consolidated group.

What is the purpose of consolidated return schedule?

The purpose of the consolidated return schedule is to combine the tax attributes of the related corporations in the group and determine the overall tax liability of the group.

What information must be reported on consolidated return schedule?

The consolidated return schedule must include information on each member of the consolidated group, as well as details on their income, deductions, and credits.