What is a Consolidated Elected Taxpayer?
A consolidated elected taxpayer is a group of entities owned by a common owner. Consolidated elected taxpayers must meet and agree to all of the following requirements: This group elects to include all members of the group having at least 80 percent, or all members having more than 50 percent, of the value of their ownership interest owned by common owners during all or any portion of the tax period. Additionally, an election must be made to either include or exclude all foreign (non-US) corporations meeting the selected ownership test (80 percent or 50 percent). This election must be made during the filing of the initial registration. As a consolidated elected taxpayer, the group must agree to file as a single taxpayer for at least the next eight calendar quarters following the election as long as two or more of the members meet the requirements. Such election also requires entities in the group that may not have enough contacts to also be included as part of the elected consolidated
Related Questions
- If a taxpayer elects to calculate its net worth on a consolidated basis, which members of the affiliated group are subject to franchise and excise tax?
- Can a taxpayer file a consolidated sales tax return if they have more than one business located in Louisiana?
- What is a Consolidated Elected Taxpayer?
