Consolidated returns of affiliated groups

Sec. 110. Consolidated Returns. An affiliated group as defined in IC 6-3-4-14(b) may file consolidated returns for Adjusted Gross

Income Tax and Supplemental Net Income Tax purposes if the members of the affiliated group consent to follow the provision of IC 6-3-4-

14 and the regulations established thereunder, including Federal regulations promulgated pursuant to Internal Revenue Code section 1502 which

are incorporated by reference in IC 6-3-4-14. The inclusion of a member of an affiliated group in the consolidated return is deemed to be

its consent to the consolidated filing. Once an election is made to file consolidated, a taxpayer must obtain written permission from the Department

to change from this method of reporting.

Taxpayers filing consolidated returns should notify the Department of their election to so file by attaching to their first consolidated return

a statement indicating which corporations are joining in the return. In addition, a worksheet must accompany all consolidated returns showing the

consolidated income of the affiliates.