consolidated tax return
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 293 U.S. 289 - Old Mission Portland Cement Co. v. Helvering · 1934Most cited · 413 citing opinions
The purpose of the section was to provide a method of computing the tax upon the true net income of what is in practical effect a single business enterprise, with substantially common ownership, as though it were that of a single taxpayer, despite the fact that it is carried on by separate corporations whose tax would otherwise be independently computed.