Alaska Administrative Code
Title 15 - Revenue
Chapter 20 - Alaska Net Income Tax
Article 3 - Corporate Net Income Tax; Combination and Apportionment Rules
15 AAC 20.345 - Water's edge returns
Current through August 30, 2024
(a) A water's edge return filed under AS 43.20.145 must separately identify the income and apportionment factors of each corporation included in the return. The corporations included in the return comprise the water's edge combined group.
(b) The income and apportionment factors of a corporation not included in the water's edge combined report must be excluded from the return filed under AS 43.20.145.
(c) A water's edge combined report must include each corporation and each tax haven corporation that is part of the taxpayer's affiliated group and is part of the taxpayer's unitary business.
(d) A taxpayer claiming that an affiliated corporation meets the 80 percent foreign business requirements of Internal Revenue Code section 861(c) (26 U.S.C. 861(c)) must provide proof of such treatment in the federal return.
In 2012 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 43.20.073 as AS 43.20.145. As of Register 204 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6), to 15 AAC 20.345, so that cross-references to former AS 43.20.073 now refer to the renumbered statute, AS 43.20.145. In addition, the regulations attorney made a conforming technical revision to the authority citation that follows 15 AAC 20.345, so that the citation to former AS 43.20.073 now refers to the renumbered statute, AS 43.20.145.
Authority:AS 43.05.080
AS 43.20.145
