Determine the fundamental advantages to a business combination of filing a consolidated tax return. Next, analyze the main reasons why members of a business combination file separate returns. Provide a rationale for your response.

Differentiate between the two (2) categories of liabilities (i.e., fully secured and partially secured) that have priority in business liquidation. Analyze the main reasons why unsecured creditors favor reorganizing an insolvent company rather than forcing it into liquidation. Provide support for your rationale