123 STEVEN C. THOMPSON, CONSOLIDATED TAX RETURN FUNDAMENTALS: WITH CONSOLIDATED TAX RETURNS, 1-3 (2002)
124 I.R.C §482-Allocation of income and deductions among taxpayers
In any case of two or more organizations, trades, or businesses (whether or not incorporated, whether or not organized in the United States, and whether or not affiliated) owned or controlled directly or indirectly by the same interests, the Secretary may distribute, apportion, or allocate gross income, deductions, credits, or allowances between or among such organizations, trades, or businesses, if he determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or clearly to reflect the income of any of such organizations, trades, or businesses. In the case of any transfer (or license) of intangible property (within the meaning of section 936 (h)(3)(B)), the income with respect to such transfer or license shall be commensurate with the income attributable to the intangible.
125 ？％ 子 仰 才外 仰 君妙
冰 系 ＝1934 它外 百
126 1954 子子任 良 任 the House Ways and Means Committee
子子任 伴 伴 子 系 任 內工 它外
！ 又 任 the Senate Finance Committee
它外 改 否 百 Regulation
126 Andrew J. Dubroff and John Broadbent, Consolidated Returns: Evolving Single and Separate Entity Themes, 72 taxes 743, 744(1994)
127 CHERYL D. BLOCK, CORPORATE TAXATION, 16 (3rd ed 2004)
太 子 它外
工 尤 子 它外 工 努 妙化
子 它外 子外 妙些 外 Internal
Revenue Code 交 Code of Federal Regulations － 水
外 ？％ 子 才外 外 助 失《
128 Martin J. McMahon Jr., Understanding Consolidated Returns, 12 Fla. Tax Rev. 125, 128 (2012);
Andrew J. Dubroff and John Broadbent, Consolidated Returns: Evolving Single and Separate Entity Themes, 72 taxes 743, 745(1994); James L. Dahlberg, Aggregate vs. Entity: Adjusting the Basis of Stock in a Subsidiary Filing a Consolidated Return, 42 Tax L. Rev. 547, 548(1987)
129 Natalie C. Khavulya-Maksin, Consolidated Groups Must Use A Separate Entity Approach When Reducing Tax Attributes in Bankruptcy, 24 Cardozo Law Rev. 397,405(2003)
130 Don Leatherman, Are Separate Liability Losses Separate for Consolidated Groups, 52 Tax Law.
663, 667-668 (1998-1999)
太 田 系 防 水 它外 努
外 太1502 允 互防允 131 互防 系 水 才 忙 它外 。 The Secretary shall prescribe such regulations as he may deem necessary in order that the tax liability of any affiliated group of corporations making a consolidated return and of each corporation in the
group 才 用州 五 中
互防 系才 老 外 太 努 In carrying out the preceding sentence, the Secretary may prescribe rules that are different from the provisions of chapter 1 that would apply if such corporations filed separate returns
外 互防 子外 系 它外 努防
佐 子任工妙些 它外 。 … ％ 水132 Congress delegated the job almost entirely to the Treasury Department
太 子任 老
子 佐 互防 系 努 防 the broad
delegation of lawmaking power 手 133 ％ 佐 互防
系 努 老 134 找
杜否 互防 系 防 另
系 ％內 努 田 一 系 月 收
系 ％ 了 一 且 每 互老
系 佐 防 份 一 努老子任 will
enact regulations inconsistent with congressional intent
系％ 外 子任 外 broad outlines 老
132 James R. Hines Jr. and Kyle D. Logue, Delegating Tax, 114 Mich. L. Rev.235, 252 (2015)
133 David J. Barron and Todd D. Rakoff, In Defense of Big Waiver, 113 COLUM. L. Rev. 265, 265(2013)
134 James R. Hines Jr. and Kyle D. Logue, Delegating Tax, 114 Mich. L. Rev.235,241-243 (2015)
太 它外 中
甲 外 includible corporation
136 外 137 Corporations exempt from taxation 志
138 Insurance companies 子 Foreign corporations 辛 外
139 Corporations relating to possession tax credit 老
二 Regulated investment companies and real estate investment trusts 子
135 James R. Hines Jr. and Kyle D. Logue, Delegating Tax, 114 Mich. L. Rev.235,246-247 (2015)
136 I.R.C § 1504 (b).
137 I.R.C § 501 - Exemption from tax on corporations, certain trusts, etc.
138 I.R.C § 801 (b).
139 I.R.C § 936 - Puerto Rico and possession tax credit.
子 日 140 DISC, domestic international sales corporations 老打 式 外 An S corporation
Elko Realty Co. v. Commissioner
141又 另口仰 business purpose 司
外 taxation reduction 才 ％ 用州
色 ％ 用州 老
用州 系 色 5 years must elapse before reconsolidation 才
用州 142 is limited and preferred as to dividends 公 防 ％
has redemption and liquidation rights which do not exceed the issue price of such stock 老 占 not convertible into another class of stock
141 Martin J. McMahon Jr., Understanding Consolidated Returns, 12 Fla. Tax Rev. 125, 135 (2012).
142 I.R.C § 1504 (a) (3).
司 才外 司 才外 the elimination or deferral of federal income tax
吻 防任手 is reasonably certain that the option will be exercised 末 吻 防任手打 treated as exercised 用州
防 手 防 value ！ 才 防 天防 voting
power 148
－ 任手打 末 吻 防149 太 末防 call option 吻防 put option warrant 占 convertible obligation 末
redemption agreement 末
太 防 cash settlement option / 把 天 phantom stock 天住 防 stock appreciation right 失
才 又 150 防
80-80 test ！ 低 防 ％ 田 系％
公 mergers or liquidation significant asset disposition significant capital expenditure
小 the selection or dismissal of CEO 失 防 veto
因 任司 防 天一 ％ 另 它外 司 the amount of the elimination relative to overall tax liability 任
企 taking into account present value concepts 失
148 文P S 100% 月 － 用州 affiliated group P
150 MARTIN D. GINSBURG & JACK S. LEVIN, MERGERS, ACQUISITIONS AND BUYOUTS, volume1, 2-259,2-260(2004)
151 Reg. § 1.1502-75(a)(2)
系 152 化 才外 ＝ 並 忙吸
Substantial adverse change in law affecting tax liability 老 內
並 色％＝ 90 吳
property the provision of service 《 另《 互防 the licensing or rental of tangible and intangible property 正 the lending of money 老 distribution 156
子外 用州 任 少157 deferred
accounting system 冗 些 separate entity 老 他 些 single
entity 低 任手打 些 用
153 Natalie C. Khavulya-Maksin, Consolidated Groups Must Use A Separate Entity Approach When Reducing Tax Attributes in Bankruptcy, 24 Cardozo Law Rev. 397,404(2003)
154 Andrew J. Dubroff and John Broadbent, Consolidated Returns: Evolving Single and Separate Entity Themes, 72 taxes 743, 763(1994)
155 Reg. § 1.1502-13(b)(1)(i)- In general
An intercompany transaction is a transaction between corporations that are members of the same consolidated group immediately after the transaction. S is the member transferring property or providing services, and B is the member receiving the property or services.
156 Reg. § 1.1502-13(b)(1)(i).
157 Lawrence M. Axelrod, Consolidated Return Intercompany Transaction Regulation: Clearly Reflecting Income Is Clearly Not Simple (part I), 46 Tax Executive 269, 271 (1994)
158 Martin J. McMahon Jr., Understanding Consolidated Returns, 12 Fla. Tax Rev. 125, 154 (2012)
外 才
子外 工 田 工吻 系 田
老末 系 田 太 久文 田
1. 田 159 Intercompany Items 吻
income 才 gain loss 失 田 妙
用州 他 些 些
2. 田 160 Corresponding Items 末 才
才 失 田 妙 用州
些
3. 田 161 Recomputed Corresponding Items 田 妙
用州 他 些 每 末吻
水 if S and B were divisions of a single corporation 久
文 田 忙 任 末吻 干
太 老
君妙 －田 matching rule 老
acceleration rule － 中 才
太
田 吸164 attributes holding periods 干 每 Timing 失
吸 165 久文P 吻 用州
S S 末吻 仰 S 工 大
用州 P 田 外 任
手汪 才 capital gain S 田 月
才 吸 Conflict or allocation of attributes
中 外 S 共 田
characteristics ％ 外 才失
165 Lawrence M. Axelrod, Consolidated Return Intercompany Transaction Regulation: Clearly Reflecting Income Is Clearly Not Simple (part I), 46 Tax Executive 269, 273 (1994)
166 Reg. § 1.1502-13(d).
167 Lawrence M. Axelrod, Consolidated Return Intercompany Transaction Regulation: Clearly Reflecting Income Is Clearly Not Simple (part I), 46 Tax Executive 269, 278 (1994)
70 100 吻 B ％2013 7 P 工 S
田 Corresponding Items 田 甲
末 才
Intercompany Items B 10 田 Corresponding Items
169 I.R.C §1001 - Determination of amount of and recognition of gain or loss
170 I.R.C §1012 - Basis of property—cost
3. 系％ 每 ％ 它外 任工S B 打
In the case of a distribution to which subsection (a) applies—
(1) Amount constituting dividend
That portion of the distribution which is a dividend (as defined in section 316) shall be included in gross income.
(2) Amount applied against basis
That portion of the distribution which is not a dividend shall be applied against and reduce the adjusted basis of the stock.
173 I.R.C §316 (a) General rule-
For purposes of this subtitle, the term “dividend” means any distribution of property made by a corporation to its shareholders—
(1) out of its earnings and profits accumulated after February 28, 1913, or
(2) out of its earnings and profits of the taxable year (computed as of the close of the taxable year without diminution by reason of any distributions made during the taxable year), without regard to the amount of the earnings and profits at the time the distribution was made.
174 I.R.C §301(c)-
(3) Amount in excess of basis
民 困 低 工打 才 be treated as gain from the sale or exchange of property
三 子 外 太243 允 努 系
Except as provided in subparagraph (B), that portion of the distribution which is not a dividend, to the extent that it exceeds the adjusted basis of the stock, shall be treated as gain from the sale or exchange of property.
(B) Distributions out of increase in value accrued before March 1, 1913
That portion of the distribution which is not a dividend, to the extent that it exceeds the adjusted basis of the stock and to the extent that it is out of increase in value accrued before March 1, 1913, shall be exempt from tax
175 支 之 五 它外 仰本 老 本 子 口
又 化江 仰 江 2013 7 17
176 Reg. § 1.1502-13(f)(2)(ii)
177 Lawrence M. Axelrod, Consolidated Return Intercompany Transaction Regulation: Clearly Reflecting Income Is Clearly Not Simple (part II), 46 Tax Executive 374, 376 (1994)
178 CHERYL D. BLOCK, CORPORATE TAXATION, 131 (3rd ed 2004)
太 田 三老 批
子且 又 ％
United Dominion Industries , Inc. v. United States
合180 他 些 每 只 用州 色
！ ％外 水 任 切 仰 consolidated net operating losses 181 not a collection of the separate members’ losses
三 外 182 支 用州 仰
Any net operating losses of the members arising in separate return years carryovers 183 carrybacks ％ 2
20 184
179 I.R.C §172(c) Net operating loss defined-
For purposes of this section, the term “net operating loss” means the excess of the deductions allowed by this chapter over the gross income. Such excess shall be computed with the modifications specified in subsection (d).
180 系％ 任％ 田太 九
181 Martin J. McMahon Jr., Understanding Consolidated Returns, 12 Fla. Tax Rev.125, 169(2012) Natalie C. Khavulya-Maksin, Consolidated Groups Must Use A Separate Entity Approach When Reducing Tax Attributes in Bankruptcy, 24 Cardozo Law Rev. 397,398(2003)
182 Reg. § 1.1502-21(a)
183 色 水 工 ％ 水 ％ 子外
支 仰束 外
184 I.R.C §172(b)(1)(a).
太
186 Reg. § 1.1502-21(b)(2)(iv)(B) Percentage of CNOL attributable to a member-
Except as provided in paragraph (b)(2)(iv)(B)(2) of this section, the percentage of the CNOL attributable to a member shall equal the separate net operating loss of the member for the year of the loss divided by the sum of the separate net operating losses for that year of all members having such losses. For this purpose, the separate net operating loss of a member is determined by computing the CNOL by reference to only the member's items of income, gain, deduction, and loss, including the member's losses and deductions actually absorbed by the group in the taxable year (whether or not absorbed by the member).
187 Reg. § 1.1502-21(b)(2)(ii)(A).
老 工％太
Separate Return Limitation Year 系％ ％ 用州 SRLY 向 189
191 long-term tax-exempt rate 交 外 太
382 允 ％ 用州 192
188 David Joy and Jeffrey A. Robinson, Use of Net Operating Loss Carryforwards of New Members of a Consolidated Group, 81 Taxes 25, 25(2003)
189 Martin J. McMahon Jr., Understanding Consolidated Returns, 12 Fla. Tax Rev. 125, 173 (2012)
190 I.R.C §382(g)(1) -There is an ownership change if, immediately after any owner shift involving a 5-percent shareholder or any equity structure shift—
(A)the percentage of the stock of the loss corporation owned by 1 or more 5-percent shareholders has increased by more than 50 percentage points, over
(B)the lowest percentage of stock of the loss corporation (or any predecessor corporation) owned by such shareholders at any time during the testing period.
（ 忘 束 三 三防 系
2003 4 太95 273
191 I.R.C §382(b)(1)- Except as otherwise provided in this section, the section 382 limitation for any post-change year is an amount equal to—
(A)the value of the old loss corporation, multiplied by (B)the long-term tax-exempt rate.
192 Reg. § 1.1502-91 through Reg. § 1.1502-99
太 382 允 否 工 它外 住
化合老 … 三 防並 。
防並 equity change method parent change method modified parent change
method 君妙失 ％ 出工 分 九 193
用州 用州 允 防並 手
內 外 才工任