New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter I - Franchise and Certain Business Taxes
Subchapter C - Franchise Taxes On Insurance Corporations
Part 32 - COMBINED RETURNS
Section 32.7 - Filing Combined Returns
Universal Citation: 20 NY Comp Codes Rules and Regs ยง 32.7
Current through Register Vol. 46, No. 12, March 20, 2024
(a)
(1) As provided in this Part, a group of
related corporations may be required or permitted to file on a combined basis.
To file on a combined basis the group must file a completed combined return.
The first year the group files on a combined basis, and each year thereafter in
which the composition of the group changes, the group must include the
following information, with the return:
(i)
the exact name, address, employer identification number and the state of
incorporation of each corporation included in the combined return;
(ii) information showing that each of the
corporations meets the capital stock requirement for the taxable year;
and
(iii) the exact name, address,
employer identification number and the state of incorporation of all
corporations (except alien corporations) that meet the capital stock
requirement for the taxable year, but are not included in the combined
return.
(2) In addition,
the following information may be required to be submitted for the taxable year
at another time, such as in conjunction with an audit:
(i) a statement providing details as to why a
combined return that includes only the corporations listed in subparagraph
(1)(i) of this subdivision that meet the capital stock requirement and the
details as to why the corporations listed pursuant to subparagraph (1)(iii) of
this subdivision are excluded; and
(ii) information establishing that each
corporation included in the return meets the substantial intercorporate
transactions test.
(b) The filing of a combined return, or the inclusion of a corporation in or the exclusion of a corporation from a combined return, is subject to revision or disallowance on audit.
(c) If a corporation properly reports on a combined basis, the corporation must continue to file its returns on a combined basis until the facts relevant to section 32.1 of this Part materially change.
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