Consolidated tax return

Tax Glossary Definition

Consolidated tax return

Consolidated Tax Return – A consolidated tax return is a unified tax filing that combines the income, deductions, and credits of a parent company and its subsidiaries into a single report. This approach enables the corporate group to balance profits and losses across entities, thereby achieving a more efficient overall tax outcome.

Example: When a profitable parent company files a consolidated return with a subsidiary that has incurred losses, the group’s collective taxable income may be reduced.

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