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Form1120U. S. Corporation Income Tax Return2015Department of the Treasury Internal Revenue Service Check if: 1 a Consolidated return b 2 3 4(attach Form 851) Life/nonlife consolidated return Personal

How to fill out 1 a consolidated return

How to fill out 1 a consolidated return

1. To fill out a consolidated return, follow these steps:
2. Gather the necessary financial information for all subsidiaries that will be included in the consolidated return.
3. Ensure that each subsidiary's financial statements are prepared according to the appropriate accounting standards.
4. Eliminate any intercompany transactions between the subsidiaries to avoid double-counting of income or expenses.
5. Consolidate the financial statements of the subsidiaries into a single set of statements, including the balance sheet, income statement, and cash flow statement.
6. Calculate the consolidated amounts for each line item on the financial statements by adding together the corresponding amounts from each subsidiary.
7. Review the consolidated financial statements for accuracy and completeness.
8. File the consolidated return with the relevant tax authorities, along with any required supporting documentation.

Who needs 1 a consolidated return?

1. A consolidated return is typically required for group of companies that have a parent-subsidiary relationship and meet certain criteria. It is commonly used by corporations that own multiple subsidiaries, where the subsidiaries' financial results need to be combined for tax reporting purposes.
2. Specifically, a consolidated return is needed for a parent company that owns at least 80% of the voting stock of one or more subsidiary corporations. This allows the parent company to report the combined income, deductions, and tax liability of the entire consolidated group.
3. It is important to consult with a tax professional or refer to the tax regulations of the specific jurisdiction to determine if filing a consolidated return is necessary.

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What is 1 a consolidated return?

A consolidated return is a single income tax return filed by affiliated corporations.

Who is required to file 1 a consolidated return?

Affiliated corporations with a common parent corporation are required to file a consolidated return.

How to fill out 1 a consolidated return?

To fill out a consolidated return, corporations must aggregate their income, deductions, and credits, and follow the IRS guidelines for filing.

What is the purpose of 1 a consolidated return?

The purpose of filing a consolidated return is to reduce the tax liability of affiliated corporations by offsetting gains and losses within the group.

What information must be reported on 1 a consolidated return?

A consolidated return must include the combined income, deductions, credits, and other tax-related information of all the affiliated corporations.