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Consolidated Financial Statements - Ownership Patterns and Income Taxes


After studying this chapter, you should be able to:
LO1 Understand the implications for the consolidation process when indirect control is present in a grandfather-father-son ownership configuration.
LO2 Understand the implications for the consolidation process when a corporate ownership structure is characterized by a connecting affiliation.
LO3 Understand the implications for the consolidation process when a corporate ownership structure is characterized by mutual ownership.
LO4

List the criteria for being a member of an affiliated group for income tax filing purposes.

LO5

Compute taxable income and deferred tax amounts for an affiliated group based on information presented in a consolidated set of financial statements.

LO6

Compute taxable income and deferred tax amounts to be recognized when separate tax returns are filed by any of the affiliates of a business combination.

LO7

Determine the deferred tax consequences for temporary differences generated when a business combination is created.

LO8

Explain the impact that a net operating loss of an acquired affiliate has on consolidated figures.











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