IRS Outlines Auto Consolidated-Return Policy For Subsidiaries

Law360, New York (March 10, 2014, 6:13 PM EDT) -- The Internal Revenue Service on Monday released a revenue procedure outlining the circumstances in which corporate subsidiaries are treated as though they filed a form authorizing them to be included in a consolidated income tax return, even if they failed to file the document.

Revenue Procedure 14-24 says, among other requirements, that if the nonfiling subsidiary wasn't prevented from joining the consolidated return and didn't file a separate return for any period covered by the consolidated return, then it will automatically be treated as though it...
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