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Act 98-502 allows the Alabama Department of Revenue to accept consolidated corporate income tax returns for tax years beginning after December 31, 1998.This has been amended by HB4 in the 4th Special Session of 2001, effective for tax years beginning after December 31, 2001.The unextended due date of the return of a domestic corporation, Form 1120, U. Corporation Income Tax Return, generally is the 15th day of the third month following the close of the corporation's tax year.However, when a target corporation joins the consolidated group of a purchasing corporation on a date other than the first day of the target corporation's tax year, the due date for the target corporation's short-period final return is determined without regard to the last day of the short period.

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The following circumstances, among others, will be taken into account in making this determination: If the Commissioner determines that the member has joined in the making of the consolidated return, such member shall be treated as if it had filed a Form 1122 for such year for purposes of paragraph (h)(2) of this section.Groups can effectively eliminate the intercompany gain in certain circumstances, thereby reducing the possibility of inadvertently triggering intercompany gain and freeing taxpayers from the need to plan transactions so as to avoid a trigger.The tax treatment of an insolvent debtor realizing discharge of indebtedness income under the U. consolidated income tax return rules can vary considerably depending on the particular circumstances. 9539) that further simplify an election method by which taxpayers may use a standard rate to reduce a research credit under Sec.Such consolidated return may not be withdrawn after such last day (but the group may change the basis of its return at any time prior to such last day).A group which filed (or was required to file) a consolidated return for the immediately preceding taxable year is required to file a consolidated return for the taxable year unless it has an election to discontinue filing consolidated returns under paragraph (c) of this section.The IRS concluded that two professional corporations could file a consolidated return with another corporation, even though licensed professionals, not one of the members of the consolidated return group, were the actual legal owners of these PCs' stock, as required by state law.

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