Affiliated group of corporations; consolidated returns
Sec. 14. (a) An affiliated group of corporations shall have the
privilege of making a consolidated return with respect to the taxes
imposed by IC 6-3. The making of a consolidated return shall be
upon the condition that all corporations which at any time during the
taxable year have been members of the affiliated group consent to all
of the provisions of this section including all provisions of the
consolidated return regulations prescribed pursuant to Section 1502
of the Internal Revenue Code and incorporated herein by reference
and all regulations promulgated by the department implementing this
section prior to the last day prescribed by law for the filing of such
return. The making of a consolidated return shall be considered as
such consent. In the case of a corporation which is a member of the
affiliated group for a fractional part of the year, the consolidated
return shall include the income of such corporation for such part of
the year as it is a member of the affiliated group.
(b) For the purposes of this section the term "affiliated group"
shall mean an "affiliated group" as defined in Section 1504 of the
Internal Revenue Code with the exception that the affiliated group
shall not include any corporation which does not have adjusted gross
income derived from sources within the state of Indiana.
(c) For purposes of IC 6-3-1-3.5(b), the determination of "taxable
income," as defined in Section 63 of the Internal Revenue Code, of
any affiliated group of corporations making a consolidated return and
of each corporation in the group, both during and after the period of
affiliation, shall be determined pursuant to the regulations prescribed
under Section 1502 of the Internal Revenue Code.
(d) Any credit against the taxes imposed by IC 6-3 which is
available to any corporation which is a member of an affiliated group
of corporations making a consolidated return shall be applied against
the tax liability of the affiliated group.
(Formerly: Acts 1963(ss), c.32, s.414; Acts 1965, c.233, s.24.) As
amended by Acts 1980, P.L.54, SEC.6.
Last modified: May 28, 2006