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Montana Code Annotated — Title 15 (Taxation)

Mont. Code Ann. § 15-31-324

Water's-Edge Election Period -- Consent -- Change Of Election

Official textleg.mt.gov

15-31-324 . Water's-edge election period -- consent -- change of election.

# (1)

A water's-edge election may be made by a taxpayer and is effective only if every affiliated corporation subject to the taxes imposed under this chapter consents to the election. Consent by the common parent of an affiliated group constitutes consent of all members of the group. An affiliated corporation that becomes subject to taxes under this chapter after the water's-edge election is considered to have consented to the election. The election must disclose the identity of the taxpayer and the identity of any affiliated corporation in which the taxpayer owns directly or indirectly more than 50% of the voting stock of the affiliated corporation.

# (2)

Except as provided in subsection (3), each water's-edge election must be for 3-year renewable periods.

# (3)

A water's-edge election may be changed by a taxpayer before the end of each 3-year period only with the permission of the department. In granting a change of election, the department shall impose reasonable conditions that are necessary to prevent the avoidance of tax or clearly reflect income for the election period prior to the change.

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In this chapter (40 sections)
  1. 15-31-207 · Repealed
  2. 15-31-208 · Repealed
  3. 15-31-209 · Repealed
  4. 15-31-301 · Corporations Subject To Allocation And Apportionment
  5. 15-31-302 · Definitions
  6. 15-31-303 · When Taxable In Another State
  7. 15-31-304 · Allocation Of Nonapportionable Income
  8. 15-31-305 · Apportionment Of Apportionable Income
  9. 15-31-306 · Repealed
  10. 15-31-307 · Repealed
  11. 15-31-308 · Repealed
  12. 15-31-309 · Repealed
  13. 15-31-310 · Definition Of Receipts Factor
  14. 15-31-311 · Receipts Factor For Receipts In This State
  15. 15-31-312 · Apportionment Formula -- Unitary Business Provisions
  16. 15-31-313 · Rules
  17. 15-31-314 · Through 15-31-320 Reserved
  18. 15-31-321 · Definitions
  19. 15-31-322 · Water's-Edge Election
  20. 15-31-323 · Apportionment Factors
  21. 15-31-324 · Water's-Edge Election Period -- Consent -- Change Of…
  22. 15-31-325 · Treatment Of Dividends
  23. 15-31-326 · Domestic Disclosure Spreadsheet
  24. 15-31-401 · Application Of Corporate Income Tax And Alternative…
  25. 15-31-402 · Short Title -- Administration Of Part
  26. 15-31-403 · Rate Of Tax Imposed -- Income From Sources Within State…
  27. 15-31-404 · Offset For Corporate Income Taxes -- Alternative Corporate…
  28. 15-31-405 · Information Return -- Period For Assessment Of Tax
  29. 15-31-406 · Corporate Income Tax Sections Incorporated By Reference
  30. 15-31-407 · Employment Of Personnel -- Rules
  31. 15-31-408 · Repealed
  32. 15-31-501 · Department Rules -- Conformance With Internal Revenue Code
  33. 15-31-502 · Assessment And Payment Of Tax -- Estimated Tax Payment --…
  34. 15-31-503 · Deficiency Assessment -- Notice -- Penalty And Interest
  35. 15-31-504 · Estimated Tax On Failure To File
  36. 15-31-505 · Subpoenas -- Investigation Of Income, And Shifting
  37. 15-31-506 · Copy Of Federal Return Required -- Report Of Amended…
  38. 15-31-507 · Repealed
  39. 15-31-508 · Repealed
  40. 15-31-509 · Periods Of Limitation
Full table of contents →