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Flashcards in Taxes: Related Corporations Deck (3)
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1

Taxes:
Related Corporations
Affiliated Groups

Affiliated Groups
Own:
- 80% voting power and
- 80% value
- every day of the year

2

Taxes:
Related Corporations
Affiliated Groups
Elect to File

Elect to File
- consolidated return
- not foreign corporations, S corps, or insurance companies
- must be unanimous and is irrevocable
- must conform to parent's tax year
- intercompany dividends are eliminated

3

Taxes:
Related Corporations
Controlled Groups

Controlled Groups
- parent/subsidiary, brother-sister groups, and certain insurance companies.
- get one $250k ACE credit limited to TI in first 2 brackets
- get only one section 179 deduction
Parent/Subsidiary

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