IDAPA 35.01.01.642 — WATER'S EDGE: LEGAL AND PROCEDURAL REQUIREMENTS (RULE 642)

Section 63-3027B, Idaho Code
01.
Required Form. Proper filing of the water's edge election and consent for production of records
must be made on the form provided by the Tax Commission and included in the original income tax return for the first
tax year to which the election applies.
(4-6-23)
02.
Required Information. The following information must be included with each year's tax return
for which a water's edge election applies:
(4-6-23)
a.
A complete list of all affiliated corporations, foreign and domestic, of which more than twenty
percent (20%) of the voting stock is, directly or indirectly, owned or controlled by a common owner;
(4-6-23)
b.
Identifying information for each member of the water's edge combined group, including: federal
identification number, primary business activities, percent of ownership by members of the combined group, and
dates of acquisition or disposition of interest;
(4-6-23)
c.
A copy of the federal consolidated return, if applicable; and
(4-6-23)
d.
A schedule of taxable income for each possession corporation excluded from the water's edge
group pursuant to Section 63-3027B(a), Idaho Code.
(4-6-23)