Filing consolidating corporate papers
For an analysis of the concepts involved in the ownership of subsidiary stock within an affiliated group filing consolidated returns, see T.
M., Consolidated Returns—Investment in Subsidiaries. For an analysis of (1) the computation of separate taxable income, (2) the computation of consolidated income items, such as capital gain or loss and § T. For an analysis of the limitations imposed by the consolidated return regulations on the use of losses, such as the separate return limitation year rules and § I.
6651(a), as well as civil penalties if certain international information returns—such as Forms 5471, —are required to be attached to a timely filed return.
When a target corporation becomes a member of a consolidated group and the target corporation has a short year that ends on the day the consolidated group acquires the corporation, Regs. 1.1502-76(c) provides the rules for determining the due date of the target's short-period return.
This Portfolio is one of four Portfolios devoted to an analysis of consolidated returns. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.Attach a separate Form 1122 for each subsidiary being included in the consolidated return.Report a distribution received from a foreign trust; or, if the corporation was the grantor of, transferor of, or transferor to, a foreign trust that existed during the tax year. Use Form 4562 to claim a deduction for depreciation or amortization, to make the section 179 election to expense certain property, and to provide information on the business/investment use of cars and other listed property.Report contributions (including rollover contributions) to any IRA, including a SEP, SIMPLE, or Roth IRA, and to report Roth IRA conversions, IRA recharacterizations, and the fair market value (FMV) of the account.