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-20-25-12.6 - Consolidated Net Income and Net Worth

Universal Citation: 280 RI Code of Rules 20 25 12.6

Current through September 18, 2024

A. Consolidated net income: The consolidated net income of the affiliated group making a consolidated return for any taxable year, shall be the aggregate of the taxable income or loss apportioned to this state of each of the members of such group, without eliminations for any kinds of transactions between members or nonmembers of the group. This computation is as follows: each member's taxable income or loss is separately apportioned to this state and then these apportioned income or loss amounts are aggregated.

B. Consolidated net worth: The consolidated net worth of the affiliated group making a consolidated return for any taxable year, shall be the aggregate of the net worth apportioned to this state of each of the members of such group, computed without eliminations of any kind between members or nonmembers of the group. This computation is as follows: Each member's net worth is separately apportioned to this state and then their apportioned net worth amounts are aggregated.

C. Separate statements of income and separate balance sheets for each corporation must accompany the return. The minimum tax for the group is the aggregate of the franchise tax for each member joining in the consolidated filing.

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