Using data from the IRS Stats website, assess the size of the businesses that file Federal consolidated returns, and their taxable activities. In a table that you send to your instructor, make a side-by-side comparison of (a) all C corporations using Forms 1120 to (b) the consolidated groups that file Forms 1120; in the table, compare each of the following, for the latest tax year with available data. Examine only domestic corporations. Then, from the list below, make three observations about your findings.
• Number of returns.
• Total (Schedule L) assets owned.
• Taxable income.
• Tax liability.
• Research credit claimed.
• Foreign tax credit claimed.