Idaho Administrative Code
Title IDAPA 35 - Tax Commission, State
Rule 35.01.01 - INCOME TAX ADMINISTRATIVE RULES
Section 35.01.01.642 - WATER'S EDGE: LEGAL AND PROCEDURAL REQUIREMENTS
Universal Citation: ID Admin Code 35.01.01.642
Current through September 2, 2024
Section 63-3027B, Idaho Code
01. Required Form. Proper filing of the water's edge election and consent for production of records must be made on the form provided by the Tax Commission and included in the original income tax return for the first tax year to which the election applies.
02. Required Information. The following information must be included with each year's tax return for which a water's edge election applies:
a. A complete list of all affiliated corporations, foreign and domestic, of which more than twenty percent (20%) of the voting stock is, directly or indirectly, owned or controlled by a common owner;
b. Identifying information for each member of the water's edge combined group, including: federal identification number, primary business activities, percent of ownership by members of the combined group, and dates of acquisition or disposition of interest;
c. A copy of the federal consolidated return, if applicable; and
d. A schedule of taxable income for each possession corporation excluded from the water's edge group pursuant to Section 63-3027B(a), Idaho Code.
Effective April 6, 2023
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