Corporation owns 100 of the stock of S1 and S2 Corporations S1 owns 51 of S3 Corporations stock, and unrelated persons own the remaining 49 S2 is a foreign corporation Explain why the corporations included in a consolidated tax return can differ from the corporations included in a set of consolidat...

Only an affiliated group of corporations can file a consolidated tax return To comprise an affiliat ...

Corporation owns 100% of the stock of S1 and S2 Corporations. S1 owns 51% of S3 Corporations

Question:

owns 100% of the stock of S1 and S2 Corporations. S1 owns 51% of S3 Corporation’s stock, and unrelated persons own the remaining 49%. S2 is a foreign Explain why the corporations included in a consolidated tax return can differ from the corporations included in a set of consolidated financial statements.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...