This course covers the advantages and disadvantages of filing a consolidated tax return, including:

  • Which entities are eligible to file a consolidated return
  • Making a valid election to file a consolidated return
  • Computing consolidated taxable income and consolidated tax expense
  • Accounting for intercompany transactions
  • Utilizing net operating losses of members of the consolidated group

This course also covers how to compute the Parent Corporation’s basis in the investment of a subsidiary and the applicability of the Excess Loss Account.

Learning Objectives
  • Recognize the differences between the financial accounting and tax accounting consolidation rules including which entities are eligible to be members of the consolidated tax return
  • Explore how to make an election to file a consolidated tax return
  • Explore how to handle intercompany transactions
  • Explore how to compute consolidated taxable income
  • Explore how to apportion the consolidated tax expense among members of the group
  • Discover the limitations on deducting net operating losses of members of the group
  • Discover the importance of computing the parent’s basis in the stock of a subsidiary
Last updated/reviewed: August 16, 2023
14 Reviews (59 ratings)

Reviews

4
Member's Profile
I was interested in a course that included discussions of the NOL of a subsidiary. I liked the NOL discussions. I disliked the "limited" discussions of the Section 382 limitations. I beginner in consolidations would get the most...like me.
4
Member's Profile
I felt instructor was very knowledgeabel but I got a little lost trying to understand some of the examples. More detail on some of the calcs would have been helpful to the tax nonexperts such as my selft.
5
Anonymous Author
Excellent presenter. Material very informative and straight to the point . Very good examples all the courses with Cherie are just great
4
Member's Profile
Very good discussions on the consolidated tax return. You need more study time.
4
Member's Profile
Comprehensive treatment of the subject. Illustrations were helpful.
5
Member's Profile
Great explanation of Consolidated Returns & technical issues.
4
Anonymous Author
hard test given how quickly the material is gone through
5
Anonymous Author
I like the examples and explanations,great lectures!
5
Anonymous Author
Very good course on basics of consolidated returns.
4
Member's Profile
very informative and easy to follow
4
Member's Profile
Material is easy to understand.
4
Anonymous Author
Excellent course and instructor.
5
Member's Profile
really good.
5
Anonymous Author
Interesting
show all reviews
Prerequisites
Course Complexity: Advanced

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION and OVERVIEW
  Introduction to Consolidated Tax Returns: Advantages and Disadvantages1:42
Advantages and Disadvantages
  Overview: Advantages and Disadvantages9:44
  Overview: Advantages and Disadvantages (Continued)8:13
  Entities Eligible to File a Consolidated Return7:40
  Making a Valid Election to File a Consolidated Tax Return4:26
  Accounting for Inter-company Transactions 8:42
  Computing Consolidated Taxable Income 8:26
  Examples 9:38
  Limitation on the Net Operating Loss Deduction 14:20
CONCLUSION
  Computing the Parent Corporation's Basis in the Investment of a Subsidiary and Conclusion7:02
Continuous Play
  Consolidated Tax Returns: Advantages and Disadvantages 1:19:54
SUPPORTING MATERIALS
  Slides: Consolidated Tax Returns: Advantages and DisadvantagesPDF
  Consolidated Tax Returns: Advantages and Disadvantages Glossary/IndexPDF
REVIEW and TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam