Chris's entry is well accepted... 14:36 May 25, 2010
...according to various accounting sources. Here's an example of his phrase (from a Finance.com website): "Your parent company's tax bill is based on consolidated income, rather than only the income in the home area. Taxes paid by subsidiaries constitute a credit to the parent company tax bill. Current period income is reduced by a tax loss carry-forward, if any, from the previous quarter. The calculation is easy to see when there is a consolidated net loss, as you had in Year 3, Quarter 1." |