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Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Brooklyn and Bronx Corporations become an affiliated group

Resolved Question:

Brooklyn and Bronx Corporations become an affiliated group at the beginning of the current year. Will the corporations obtain a greater charitable contribution deduction for the current year by filing a consolidated tax return or separate tax returns?
Submitted: 4 years ago.
Category: Tax
Expert:  Lev replied 4 years ago.


Hi and welcome to Just Answer!
Certain deductions and credits are subject to limitations on a consolidated basis.
Potentially - these limitations can reduce the amount of deductions for charitable contributions deductions.
Will or will not these limitations affect any particular situation depends on many factors.
In general - filing separate tax returns could result a greater or the same charitable contribution deduction comparing with filing a consolidated tax return.

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