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I have a query regarding the loss claim in Q#1 part a of the question from jun 2012 mock exam from p6
in answers the loss is firstly setoff against the spoleto ltd rather than it should be setoff against the bazzeno plc first… is this a correct claim??
In my point of view the losses should be setoff against current yr total profits of the bazzeno plc first then remaining losses would be claimed in the most beneficial manner in group companies which posses higher tax rate that would give a max tax savings and it would be spoleto…
is this view correct??
kindly resolve this and make me know about further detail of losses within a group in summarised way…I look forward your reply….
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