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Does Minnesota allow a parent S corporation to elect to treat its subsidiary as a QSSS (Qualified Subchapter S Subsidiary)?

April 26, 2017corporation Minnesota parent QSSS qualified subsidiary treat

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Does Minnesota allow a parent S corporation to elect to treat its subsidiary as a QSSS (Qualified Subchapter S Subsidiary)?

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Yes. Minnesota conforms to this federal treatment. The parent S corporation that owns a QSSS must file a single Form M8 reporting the income, deductions and credits for both the parent and the QSSS as described in Revenue Notice #98-09.