Consolidation Anomalies in Form 1120 Corporate Tax Return Data
Posted: 24 Jul 2004
The SOI division prepares the corporate data files used by the IRS, Treasury, and the Joint Committee on Taxation. This report is based on the SOI 2000 corporate file, which includes tax years ending between July 2000 and June 2001. The authors look forward to the SOI 2002 corporate data file when SOI will add a variable to indicate whether SOI finds elimination entries in the supporting consolidation spreadsheets for the Form 1120 Schedule L balance sheet. The SOI 2001 corporate file includes a new variable STCK-OPT for stock option deductions included in Schedule M-1 book-tax differences. The SOI 2003 corporate file will include two additional variables, one to indicate if SOI finds elimination entries supporting Form 1120, page 1, and one to indicate if SOI finds elimination entries supporting Schedule M-1.
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