Consolidated return
In accounting, consolidated return means one federal income tax return filed by an affiliated group of corporations: a common parent and the corporations it owns at least 80% of, by vote and by value.
Authority: 26 U.S.C. §1501, §1504(a). Sources
The lesson that teaches this
From the free founder back-office course, taught on one company's books, with exercises to work it yourself.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- consolidated financial statements (GAAP's, under ASC 810, with a different control test)
Components that render the terms it depends on
No component names this concept outright, but it's built from terms that components do name. These render consolidated.
12Close, controls & consolidation
Family specAlso in Entity types
Defined in Lexicon. This page is generated from that document, so the two can't disagree.