Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 25 - Business Corporation Tax
Part 12 - Consolidated Returns (280-RICR-20-25-12)
Section 280-RICR-20-25-12.2 - Definitions
Universal Citation: 280 RI Code of Rules 20 25 12.2
Current through September 18, 2024
A. "Affiliated group" mean two or more corporations connected through stock ownership with a common parent corporation, if
1. at least ninety-five
percent of the stock of each of the corporations (except the common parent
corporation) is owned directly by one or more of the other corporations;
and
2. the common parent
corporation owns directly at least ninety-five percent of the stock of at least
one of the other corporations. The term "stock" does not include nonvoting
stock which is limited and preferred as to dividends.
B. "Consolidated return period" means any taxable year for which a consolidated return is made.
C. "Subsidiary" means a corporation (other than the common parent) which is a member of the affiliated group during any part of the consolidated return period.
D. "Tax" Means tax imposed under R.I. Gen. Laws Chapter 44-11 and includes any interest, penalties, additional amount, or addition to the tax payable in respect thereof.
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