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@MrThickRopes: yeah bro after they launched the app I be buying err thang
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Simple English definitions for legal terms
consolidated return
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A quick definition of consolidated return:
A consolidated return is a type of tax return that combines the income, deductions, and exemptions of multiple people or entities into one report. This helps simplify the tax process and calculate the overall tax liability. A tax return is a form that individuals or entities fill out to report their income and calculate their taxes owed.
A more thorough explanation:
A consolidated return is a type of tax return that combines the financial information of multiple entities into a single tax return. This is often done by companies that have subsidiaries or other related entities.
For example, if a parent company owns several smaller companies, they may choose to file a consolidated return that includes the financial information of all of those companies. This can help simplify the tax filing process and may result in lower overall tax liability.
The consolidated return includes income, deductions, and exemptions for all of the entities included in the return. The tax liability is then calculated based on this combined information.
Overall, a consolidated return can be a useful tool for companies with multiple entities to streamline their tax filing process and potentially reduce their tax liability.
Consolidated Omnibus Budget Reconciliation Act of 1985 | consolidated school district