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26 U.S.C. § 1501 — Privilege to file consolidated returns
Federal law — U.S. Code and appendices · legal_authorities
An affiliated group of corporations shall, subject to the provisions of this chapter, have the privilege of making a consolidated return with respect to the income tax imposed by chapter 1 for the taxable year in lieu of separate returns. The making of a consolidated return shall be upon the condition that all corporations which at any time during the taxable year have been members of the affiliated group consent to all the consolidated return regulations prescribed under section 1502 prior to the last day prescribed by law for the filing of such return. The making of a consolidated return shall be considered as such consent. In the case of a corporation which is a member of the affiliated group for a fractional part of the year, the consolidated return shall include the income of such corporation for such part of the year as it is a member of the affiliated group.
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Source file: Laws/federal/codes/united-states-code/title-26/section-1501-privilege-to-file-consolidated-returns--572f59fe2e.md
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Source location: Title 26, Chapter 6, § 1501; chapter-006-consolidated-returns.md
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An affiliated group of corporations shall, subject to the provisions of this chapter, have the privilege of making a consolidated return with respect to the income tax imposed by chapter 1 for the taxable year in lieu of separate returns. The making of a consolidated return shall be upon the condition that all corporations which at any time during the taxable year have been members of the affiliated group consent to all the consolidated return regulations prescribed under section 1502 prior to the last day prescribed by law for the filing of such return. The making of a consolidated return shall be considered as such consent. In the case of a corporation which is a member of the affiliated group for a fractional part of the year, the consolidated return shall include the income of such corporation for such part of the year as it is a member of the affiliated group.
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Federal law — U.S. Code and appendices · legal_authorities
Page 2545
TITLE 26—INTERNAL REVENUE CODE
§ 1502
1 Section numbers editorially supplied.
CHAPTER 6—CONSOLIDATED RETURNS
Subchapter
Sec.1
A.
Returns and Payment of Tax .................
1501
B.
Related Rules ........................................
1551
Subchapter A—Returns and Payment of Tax
Sec.
1501.
Privilege to file consolidated returns.
1502.
Regulations.
1503.
Computation and payment of tax.
1504.
Definitions.
1505.
Cross references.
§ 1501. Privilege to file consolidated returns
An affiliated group of corporations shall, sub-
ject to the provisions of this chapter, have the
privilege of making a consolidated return with
respect to the income tax imposed by chapter 1
for the taxable year in lieu of separate returns.
The making of a consolidated return shall be
upon the condition that all corporations which
at any time during the taxable year have been
members of the affiliated group consent to all
the consolidated return regulations prescribed
under section 1502 prior to the last day pre-
scribed by law for the filing of such return. The
making of a consolidated return shall be consid-
ered as such consent. In the case of a corpora-
tion which is a member of the affiliated group
for a fractional part of the year, the consoli-
dated return shall include the income of such
corporation for such part of the year as it is a
member of the affiliated group.
(Aug. 16, 1954, ch. 736, 68A Stat. 367.)
§ 1502. Regulations
The Secretary shall prescribe such regulations
as he may deem necessary in order that the tax
liability of any affiliated group of corporations
making a consolidated return and of each cor-
poration in the group, both during and after the
period of affiliation, may be returned, deter-
mined, computed, assessed, collected,
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1501
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.