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Subgroup consolidations for insurance returns
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This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • Subject: Consolidations,insurance

1120-PC Subgroup subconsolidation

All 1120-PC returns need to be combined in a 1120-PC Subgroup Consolidation. Even if there is only 1 1120-PC individual company in the entire consolidation, a subgroup is required.
The topmost 1120-PC Subgroup Consolidation is consolidated into a Nonlife subgroup or top consolidation. You can have many lower 1120-PC subgroups included (there is no limit) in the topmost 1120-PC subgroup, but they're not included in the e-file per the IRS schema rules. Only the 1 topmost 1120-PC subgroup can be in the e-file.
All entities in the
What to Consolidate
 listing need to be of the 1120-PC-type of return. Don't mix entity types in a subgroup subconsolidation.

Types of 1120-PC subgroup subconsolidation structures

The 1120-PC subgroup can have the following 3 examples in the
What to Consolidate
 list.
note
If your parent is in this group and is a 1120-PC return, your Non-Life or Life-Non-Life top consolidation needs to be a 1120-PC return. It also can't be e-filed.
If there are several 1120-PC subsidiaries and/or subgroups to consolidate together, the 1120-PC subgroup:
  • Parent slot:
    1120-PC Subsidiary or subgroup
  • Elimination slot:
     1120 Subgroup elimination
  • Subsidiary slot(s):
     1120-PC Subsidiary or subgroup
If there are several 1120-PC subsidiaries to be consolidated together, the 1120-PC subgroup:
  • Parent slot:
    1120-PC Subsidiary
  • Elimination slot:
     1120-PC Subgroup elimination
  • Subsidiary slot(s):
     1120-PC Subsidiary
If there is only 1 1120-PC subsidiary in the entire consolidation, the 1120-PCsubgroup:
  • Parent slot:
    1120-PC Subsidiary
  • Elimination:
     1120-PC Subgroup elimination
  • Subsidiary slot:
     Blank

Complete an 1120-PC topmost subgroup

  1. Create the 1120-PC topmost 1120 subgroup return.
  2. Go to Organizer, then select
    Insurance Consolidations
    , then
    1120-PC Subgroup Consolidation Wizard
    , then
    Step 3 - What to Consolidate
    .
  3. Enter the parent, elimination, and subsidiaries according to the previous structures.
  4. Compute
     all subsidiaries. If you make any changes to the lower entities, you need to recompute them and reconsolidate.
  5. Consolidate.

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