Course Details
Course

Consolidated Corporate Tax Returns: Advantages and Disadvantages 2 CPE


Course Duration: 2 Hours
Course Rating:
Course Enrollments: 143 Enrolled
Mode of Delivery: On-Demand
Course Level: Advanced
Study Area: Taxes

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.

Prerequisites

No advanced preparation or prerequisites are required for this course.

Learning Objective
  • 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: July 23, 2025

(35) Reviews

(28 rating)
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devery.adair

This instructor gave an easy to follow overview of FBAR Issues. We must take into account that 2024 may have some differences such as maximum penalty. But this was a clear and concise presentation of the nuances regarding FBAR and Form 8938 Filings.

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rosie.herren

Great examples. I had no idea how cunning some folks could be on devising ways to scam the goverment, either as an employee, officer or contractor.

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scott.thompson

I would have liked a video with an explanation with examples. Also, I don't see an explanation of how an applicant is defined. Otherwise a helpful course.

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jennifer.rowland

this could have been good except the very distracting background music at the beginning of the process

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min.sun

Very good lessons! it is very useful. I highly recommend this lessons.

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ldeparis_1

Of the many, many courses I have taken on the Illumeo platform, this was definitely one of the best and most insightful. I have always found elements of "behavioral finance" to be fascinating and powerful in planning, strategy, and business performance. Mr. Stephens has bundled the leading theories and presented them as a unified new "dimension" for planners and leaders to factor in. He has done so in a manner that CFO's and other business leaders will undoubtedly find easy to digest, replete with useful examples. The consideration of these concepts will undoubtedly add value via improvement decision-making and more enlightened risk assessments. Thank you for such a quality contribution to the Illumeo portfolio!!

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terriftaylor

Great information about useful tools. Didn't know there were so many plugins available

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rouba.kronfol

Very helpful, I had forgotten a few of the features.

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amy.milder

I really enjoy the instructor and the way she presents information, this was all just a little broader than what I was expecting

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kaley.walker

I thought this was a thorough and helpful course as a manager who deals with many different types of personalities on a daily basis.

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lucy.sayles

Excellent summary of Black Scholes. This course presented a thorough overview of this model.

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peter.kotsifas_1

Excellent course for helping refresh what most of us learned in Intermediate Accounting. Content is good and well delivered. My only complaint is the sound quality isn't great in a couple of the modules and should be redone.

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sherryhouse

questions at end didn't well match topics covered in the course.

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mallory.brennan

Great course on Corporate tax filings for schedule M-3 Part III.

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cuiping.wang_parkhur

This is a very comprehensive course for tax planning strategies for short-term rental properties.

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lyndon_b.livesay

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.

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brad.huekels_1

A lot of information that goes far past the Madoff case.

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ben.stewart

Very useful for anyone who is considering implementing a workflow system.

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louis.betts_1

Solid overview of the terms and definitions surrounding a financial statement audit.

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patrick.gowaty

Great Course I think we need more documentation.

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tina.atalig

This course was efficient and covered the main objectives of ethics review course required to renew CPA license in California every 2 years. I would take this course again when I need to renew again.

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marmstrong

Great material, effectively presented and well organized.

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nbtessers

The course was easy to read and understand which lead to passing the final exam.

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kirit.kapadia

Good insight in personalities and leadership. Excellent explanations of human behavior

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amelia.nemeth

Really enjoy how Marc & Paul present together - engaging!

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mjarosch

This course provides a nice introduction to transfer pricing including a basic outline of transfer pricing policy and covering the importance of developing and maintaining a transfer pricing policy.

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aschmitt

I liked how short this course was, but Cherie covered the important points. I also liked how it was broken up into separate videos.

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frank.perillo

A useful and technical course topic which was presented in a clear and concise manner.

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majid.mowlaie

Good Information

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robert.meyers

very informative and easy to follow

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yqian

I like the examples and explanations,great lectures!

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daniel.rodriguez

good

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setsuko.nishijima

Material is easy to understand.

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swong

The course is so easy to understand.

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hossam_elsherief

Excellent course

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