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Blank 851 is for filing a consolidated tax return by a parent corporation and some of its subsidiaries. However, a company should remember that in the first year it was established the parents and affiliated companies should first submit Form 1122.

A return like this has a number of advantages, including centralized planning, reporting, and payment processing. If the corporation votes in favor of a consolidated benefit, it should do it every year or until the corp asks the IRS for a change.

Before completing the 3-page template, prepare the information in advance. The template consists of four sections:

  1. Overpayment credits and deposits
  2. Key business activity
  3. Changes in stock holdings
  4. Stock information

When is Form 851 Required?

The sample is for a parent company to file a consolidated tax return. The purpose of the template is to:

  1. Define a common corporation and its members;
  2. Pramounts of overpayment credits, deposits, and other related payments;
  3. Identify subsidiaries as members of the group.

Who Should File Form 851?

The document must be submitted by a parent and its affiliated companies in which the first filer owns 80% of the vote.

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