Filing a Consolidated Tax And The Growth Mindset vs. The Fixed Mindset

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Discussion 1
Filing tax returns for subsidiaries of the same organization can be done in two ways: through a consolidated or individual tax return from each subsidiary. Each solution has its own set of advantages and disadvantages. Consolidated return is favorable because it allows for the deficits of reduced revenue-generating associates to be balanced by the gains of higher-income associates. A business, as a "unit," can lawfully recoup large taxes by offsetting the large income of certain subsidiaries with deficits or limited income of others.
Conversely, because the organization is regarded as a sole proprietorship or partnership entity, rather than as different associates, filing a centralized tax return rather than filing independent tax returns may not include an indication that current status of each joint venture in terms of profitability, capital adequacy, and especially going issue (Ilyin & Povarova, 2019, p. 75). Individual returns are useful for properly representing each associate to the general public. Associates will be more accurately portrayed to the public and other consumers of their accounting reporting if they have distinct income statements with separate tax returns.
Discussion 2
When someone has a fixed mindset, they assume that their core attributes, talents, and intelligence are unchangeable. Consequently, instead of cultivating one's skills or intellect, people prefer to spe...