The Corporate Income Tax

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Presentation transcript:

The Corporate Income Tax 3 Chapter The Corporate Income Tax

Controlled Groups of Corporations Three types of controlled groups: Brother-sister Parent-subsidiary Combined group

Parent-Subsidiary Groups Common parent and all “controlled” subsidiaries 80% control test [IRC §1563(a)(1)] Constructive stock ownership rules apply [IRC §1563(d)(1) and (e)]

Combined Control Group [IRC §1563(a)(3)] Group where one corporation is the parent of a parent-subsidiary group and the member of a brother-sister control group

Controlled Groups Problem C3-52

Consolidated Tax Returns [IRC §1501] Members of an affiliated group may elect to file a consolidated tax return [Reg. §1.1502-75(a)(2)] Once a group files a consolidated return it must continue filing consolidated returns

Affiliated Group [IRC §1504] U.S. parent corporation directly owns stock with 80% of voting power and 80% of the value in at least one other U.S. corporation All other U.S. corporations in unbroken chains of at least 80% stock ownership by one or more members are included in the affiliated group

Affiliated Group Affiliated Group: Gamma, Alpha, Beta and Delta Gamma Kappa Delta 85% 35% 60% 45% 53% 10% 45%

Comparison to Consolidated Financial Statement Test for filing consolidated financials is 50% or more controlling interest (plus certain variable interest entities) Foreign as well as domestic corporations included in consolidated financial statements but not in the consolidated tax return Entities that are not corporations are also included in the consolidated financial statements but not in the consolidated tax return Go to Chapter 4