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Ground Rules for Consolidated Tax Returns (RCTR)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Taxes
  • Level
    Advanced
  • Credits
    4
  • Qualifies for

    IRS CPE

Overview

Corporations are entitled to file their own separate income tax returns, but certain related corporations are entitled to file a consolidated income tax return. A corporate consolidated tax return is a method used to determine the tax liability of a group of affiliated corporations based on the theory that the businesses of the affiliated group represent a single economic enterprise and should be taxed as such. Complex Treasury regulations modify the aggregate results of the consolidated group by providing special rules for certain items and adjusting for intercompany transactions. This program is a 4-hour examination of the rules relating to preparing corporate income tax returns on a consolidated basis.

Major Topics:

  • Advantages and disadvantages of filing on a consolidated basis
  • Eligibility for filing the consolidated return
  • The election
  • Affiliated groups
  • Computation of the Consolidated Tax liability
  • Intercompany transactions
  • Consolidated items
  • Limitations and adjustments due to consolidation
  • Investment in subsidiaries
  • Operating rules

Learning Objectives

  • Identify the principal issues associated with preparing a corporate consolidated income tax return
  • Prepare a tax professional to prepare or review a consolidated tax return

Who should take this course:

Designed for:

Tax practitioners who prepare or review consolidated income tax returns

Prerequisite:

A basic understanding of the income taxation of corporations

Advanced Preparation:

None

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