2015 Indiana Code TITLE 6. TAXATION ARTICLE 5.5. TAXATION OF FINANCIAL INSTITUTIONS CHAPTER 5. ALTERNATIVE CALCULATIONS; COMBINED RETURNS
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IC 6-5.5-5
Chapter 5. Alternative Calculations; Combined Returns
IC 6-5.5-5-1
Members of unitary business; combined returns; fair
representation of taxpayer income within state; reapportionment
Sec. 1. (a) Except as provided in this section, a unitary group
consisting of at least two (2) taxpayers shall file a combined return
covering all the operations of the unitary business and including all
of the members of the unitary business. However, only one (1)
combined return needs to be filed, as provided in IC 6-5.5-6-1.
(b) If the department or taxpayer determines that the result of
applying this section or article do not fairly represent the taxpayer's
income within Indiana or the taxpayer's income within Indiana may
be more fairly represented by a separate return, the taxpayer may
petition for and the department may allow, or the department may
require, in respect to all or a part of the taxpayer's business activity
any of the following:
(1) Separate accounting.
(2) The filing of a separate return for the taxpayer.
(3) A reallocation of tax items between a taxpayer and a
member of the taxpayer's unitary group.
(c) Income apportioned under this article must reflect a change in
adjusted gross income that is required to comply with a department
order under this section.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.30; P.L.68-1991, SEC.13.
IC 6-5.5-5-2
Members of unitary group; combined returns
Sec. 2. A combined return must include the adjusted gross income
of all members of the unitary group, even if some of the members
would not otherwise be subject to taxation under this article. The
department may require a member of a unitary group to provide any
information that is needed by the department to determine the unitary
group's apportioned income under this article. However, income of
corporations or other entities organized in foreign countries, except
a foreign bank (or its subsidiary) that transacts business in the United
States, shall not be included in the combined return. In addition, the
taxpayer shall eliminate, in calculating adjusted gross income, all
income and deductions from transactions between entities that are
included in the unitary group.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,
SEC.31.
IC 6-5.5-5-3
Information or records required
Sec. 3. The department may require and the taxpayer shall furnish
information or records that the department determines to be necessary
Indiana Code 2015
for it to make the determination required under this article. The
department may require this information to be included in the
taxpayer's return.
As added by P.L.347-1989(ss), SEC.1.
Indiana Code 2015
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