15 AAC 20.345. Water's edge returns

(a) A water's edge return filed under AS 43.20.073 must separately identify the income and apportionment factors of each corporation included in the return. The corporations included in the return comprise the water's edge combined group.

(b) The income and apportionment factors of a corporation not included in the water's edge combined report must be excluded from the return filed under AS 43.20.073 .

(c) A water's edge combined report must include each corporation and each tax haven corporation that is part of the taxpayer's affiliated group and is part of the taxpayer's unitary business.

(d) A taxpayer claiming that an affiliated corporation meets the 80 percent foreign business requirements of Internal Revenue Code section 861(c) (26 U.S.C. 861(c)) must provide proof of such treatment in the federal return.

History: Eff. 7/9/93, Register 127; am 3/6/98, Register 145

Authority: AS 43.05.080

AS 43.20.073

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.