Response to the following problem:
Facts-Parent corporation is an investor in financial services companies. It is 90% owned by Palladium (private equity firm) through a series of single member LLCs and four corporate entities, including three blockers;
Palladium owns three more holding companies which are 60% owned and have transactions with the Parent Corporation and its subsidiaries;
One individual owner controls 51% of Palladium;
All companies owned by Palladium have business activities in California;Parent Corporation and all of the subsidiaries were formed in 2017. The Company is based in San Francisco.
Assignment. Given limited facts provided, - what issues you have to consider assuming Parent Corporation management wants to minimize the costs of income tax filings and wants to file a consolidated tax return. So the case study's purpose is to promote critical thinking (e.g. analysis and summarization) of limited facts provided, come up with the list of questions, etc.