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Which of the following is a benefit associated with filing a consolidated tax return?

Advantages of Filing a Consolidated Tax Return The deferment of taxable losses or taxable sales becomes realized with the ultimate sale to a third party. Capital losses and gains can also be spread out across affiliates. The income associated with one affiliated corporation can also be used to offset any losses.

What are the advantages of filing a consolidated tax return quizlet?

An advantage of filing a consolidated return is that losses of one affiliated group member may be offset against the taxable income of other group members in the same tax year.

What are the advantages of filing a consolidated tax return?

The advantages of filing a consolidated income tax return ( 295) include: (1) offsetting operating losses of one company against the profits of another (see the rule for dual resident companies, following); (2) offsetting capital losses of one company against the capital gains of another (subject to a limitation on

What are the disadvantages of consolidated returns?

The disadvantages include: (1) the effect on later years returns; (2) deferral of losses on intercompany transactions; (3) additional bookkeeping required to keep track of deferred intercompany transactions; (4) intercompany profit in inventories still within the group must be reflected in annual inventory adjustments

What is the effect of tax consolidation?

The aim of a tax consolidation regime is to reduce administrative costs for government revenue departments and reduce compliance costs for corporate taxpayers. For companies, consolidating can help understate profits by having losses in one group company reduce profits for another.