Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 25 - Business Corporation Tax
Part 14 - Qualified Sub Chapter S Subsidiary Corporations (280-RICR-20-25-14)
Section 280-RICR-20-25-14.5 - Filing of Returns
Universal Citation: 280 RI Code of Rules 20 25 14.5
Current through September 18, 2024
A. Combined Returns
1. A Sub Chapter S Corporation parent and its
Qualified Sub Chapter S Subsidiaries ("QSSS") may file a combined return for
the taxable year provided that such corporations:
a. Meet the requirements as set forth in
26 U.S.C. §
1361(b) and files on a
combined basis for federal purposes, and
b. Apportion one hundred percent (100%) of
their business activity and income to Rhode Island and are included in the
combined return for federal purposes, and
c. Submit a copy of the federal election to
be a Qualified Sub Chapter S Subsidiary, and
d. Make a separate Rhode Island election to
file on a combined basis by the original due date of the return by either
attaching a letter of intent to a valid extension request or by checking the
"Q-Sub included" check box onthe tax return if it is filed by the original due
date.
2. A combined
return filed pursuant to this regulation shall bear the Federal identification
number of the Parent S Corporation.
3. The minimum tax for the group is the
aggregate of the minimum tax for each member joining in the filing of the
combined return.
4. Each member of
the combined group during any part of the combined return period shall be
severally liable for the tax (including any deficiency in respect thereof)
computed on the basis of the combined return of the group.
5. A copy of the Federal Form 1120S must
accompany the filing of the Form RI-1120.
B. Separate Returns
A Sub Chapter S Corporation parent and its qualified Sub Chapter S Subsidiaries may not file a combined return if all member corporations do not apportion one hundred percent (100%) of their business activity and income to Rhode Island.
C. Special Rule
1. The members of a combined group within the
Sub Chapter S Parent and Qualified Sub Chapter S Subsidiary which apportion all
of their business to Rhode Island and are part of a federal combined return may
file a combined return with Rhode Island; however, those members which do not
apportion 100% of their business activity and income to Rhode Island may not be
included in the combined return and must file on a separate basis.
2. Combined filers must have a common parent.
Brother/sister corporations without a common parent may not file on a combined
basis.
3. Separate filers must file
their returns with their own Federal identification number as required in
§
14.1 of
this Part.
4. If a corporation is a
separate filer in Rhode Island but files a combined return for federal
purposes, a full copy of the Federal Form 1120S, plus a pro-forma basis federal
return must accompany each separate Rhode Island corporate return
filed.
Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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