Give two advices with references to this post: 

Coca-Cola, a beverage conglomerate, has sales in 200 nations around the globe. There are a number of brands under the Coca-Cola corporation that are condensed into categories including Coca-Cola Trademark, Hydration, Sparkling flavors, coffee and tea, nutrition, juice, dairy, plant-based and emerging beverages. The organization owns brands such as Body Armor, Dasani, Fuze Tea, Smartwater, Monster Energy, Minute Maid and Topo Chico. Chances are you have likely consumed one of their products within the last week, or even today. Coca-Cola company is the parent company for all these brands and therefore does file a consolidated return. There are advantages for filing a consolidated return and includes (Maloney et al., 2019): 

Losses of a related member may be used to offset the taxable income of other affiliated group members in the current year. Intercompany profits on the sale of services may be deferred until later years. Intercompany dividends between group members are eliminated from income. Deductions and credits, ordinarily subject to percentage limitations on a separate company basis, are limited on a consolidated group basis. The basis of a subsidiary's stock is increased by the earnings that have accumulated in that subsidiary while a consolidated group member. Coca-Cola however is currently in a lawsuit with the IRS that has been ongoing for several years. The corporation allegedly used an incorrect pricing system between its subsidiary companies, allegedly lowering their taxable income. With intercompany transactions, there is an internally generated gain or loss that must be adjusted to reflect the consolidated tax return as if a single entity is reporting. Coca-Cola allegedly misrepresented the amount of gain from their subsidiaries. According to Sinaga (2022), Coke-US was not receiving proper compensation from subsidiaries located in operating segments of Coke's subsidiaries in Mexico, Swaziland, Costa Rica, Chile, Brazil, and Ireland which in turn led to underpaying US tax. Coke is still awaiting a ruling on the case they appealed initially and it will be interesting to see what the outcome is and how much they will end up paying in back taxes.