Are late elections, or late election revocations, to compute net worth on a consolidated basis allowed?
Tenn. Code Ann. Section 67-4-2103(i) authorizes the commissioner to accept a late election, a late revocation of an election or to permit an early revocation of an election to compute net worth on a consolidated basis if the commissioner determines that there is a good and reasonable cause for such action. For tax returns filed for periods beginning January 1, 2004, and ending on or before December 31, 2006, net worth may be computed on a consolidated basis if the affiliated group or financial institution affiliated group files an amended return along with a group registration form.
Related Questions
- How does an "affiliated group" or a "financial institution affiliated group" elect to compute its net worth on a consolidated basis for franchise tax purposes?
- Once an election to compute net worth on a consolidated basis is made, how long does it remain in effect?
- Are late elections, or late election revocations, to compute net worth on a consolidated basis allowed?
