Consolidated Tax Returns Workshop (718)

General Description:

This program will provide an overview of the federal income taxation of consolidated groups, including the determination of the consolidated group, the election to file consolidated returns, the computation of consolidated taxable income, reverse acquisitions, the determination and treatment of gain or loss on the sale of subsidiary stock, earnings and profits, the discontinuance of consolidated filing, and related state income tax considerations.

Learning Objectives:

After completing this course the participant will be able to:

• Identify the eligible members of a consolidated group.
• Apply the appropriate accounting methods and periods.
• Compute consolidated taxable income:
• Separate-basis and consolidated-basis computations;
• Changes in the composition of the consolidated group (member joining/leaving);
• Intercompany transactions;
• Net operating losses -- consolidated and separate;
• Built-in losses.
• Allocate consolidated income tax liability.
• Identify when a reverse acquisition has occurred.
• Determine basis and treatment of gain or loss on the sale of stock of a subsidiary.
• Compute earnings and profits.
• Identify the consequences of the discontinuance of consolidated filing.

Instructors:

Isaac L. Lodico is a tax attorney in the corporate and transactional department of Sherman & Howard LLC in Denver. Previously he was professor and interim director of the Graduate Tax Program at the University of Denver, teaching Natural Resources Taxation, Civil & Criminal Tax Procedure, and Consolidated Tax Returns for almost 15 years. He earned an LL.M. in taxation from the Graduate Tax Program, J.D. and a graduate research fellowship from the University of California College of Law in San Francisco (Hastings), and B.A. from the University of Colorado. He is licensed as an attorney in Colorado and California and has extensive experience teaching continuing professional education seminars in tax for CPAs, attorneys, and other tax return preparers.

Related Courses: