Drake Tax - 1120: Consolidated or Composite Return

Data Entry

A group of corporations may consent to have their common parent corporation file one consolidated, or composite, return in lieu of each corporation filing a separate return. To indicate that a return is a consolidated return (and check box 1a on Form 1120, page 1), complete the 851 screen and then page down to complete parts III and IV on screens 851A and 851D. The subsidiaries attachment can be e-filed with the tax return if saved as a PDF and attached.

In Drake Tax, you would need to first complete a return for each of the subsidiaries. The information from these returns would need to be combined in a spreadsheet and then used to create the consolidated, or composite, return filed by the parent corporation.