Consolidated Net Operating Losses and Consolidated Tax Returns, accounting homework help

  • Imagine that a client is pursuing the acquisition of Corporation A that has
    a substantial net operating loss. Corporation B is a member of the controlled
    group and is currently included in the consolidated tax return that also has a
    net operating loss. Analyze the potential advantages and disadvantages of
    Corporation B’s acquisition of Corporation A and Corporation A’s subsequent
    inclusion in Corporation B’s consolidated tax return. Suggest the key tax issues
    the client should consider in determining the deductibility of the net operating
    losses.
  • Imagine that corporations P, S, and C are members of a parent-subsidiary
    controlled group filing a consolidated tax return. Corporations A and B are
    members of a brother-sister controlled group that cannot file a consolidated tax
    return. Design a strategy geared toward creating an affiliated group which makes
    Corporations A, B, P, S, and C all eligible to file a consolidated tax return.

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