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Foreign divisional consolidations

International Ownership

The International Member list in an FTC Top Consolidation binder is limited to legal entities. Foreign binders with an entity type of Corporate Single Entity are always available for selection. However, foreign parent, subsidiary, and divisional consolidation binders must have an international entity type of
Foreign Entity
 (
Binder Properties | International
tab) in tax year 2009 and later to be included in the international ownership structure.
Foreign parent, subsidiary, and divisional consolidation binders with an international entity type of Division of Foreign Entity are hybrid divisions; legal entity types being treated as foreign disregarded entities (divisions) in the current year. Hybrid divisions are not available for selection in a Top Consolidation binder’s International Members list.

International Ownership Import

For tax year 2009 and later, the International Ownership import verifies that foreign parent, subsidiary, and divisional consolidation binders being added to the International Members list have an international entity type of Foreign Entity. If the international entity type is Division of Foreign Entity, the system generates the following error:
The entity type for the entity with member company number {company number} is not valid. International members should have an entity type of parent, subsidiary, divisional consolidation or corporate single entity. For tax years 2009 and later, foreign parent, subsidiary, and divisional consolidation binders must have an international entity type of
Foreign Entity
 on the
Binder Properties > International
tab.

International Divisional Consolidation Ownership Report

The international report (International Divisional Consolidation Ownership) is available in the Data Entry screen. The report lists all legal entity foreign divisional consolidations followed by their direct and indirect members.

This article applies to:

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