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(a) A group of two or more corporations that are directly or indirectly controlled or more than 50-percent owned (directly or through one or more intermediaries) by one common person (corporate or otherwise) is a consolidated business for purposes of this chapter.
(b) The income, expenses, and assets of a consolidated business include, respectively, all income, expenses and assets attributed to it under 15 AAC 21.040.
(c) If a corporation or consolidated business is controlled (by a means characteristic of ownership rather than through the exercise of general governmental powers such as laws, regulations, judicial decisions, proclamations, and the like) or more than 50-percent owned by a sovereign, head of state, government or governmental agency, the consolidated business does not include the sovereign, head of state, government or governmental agency for purposes of this chapter.
History: Eff. 2/22/79, Register 69; am 5/21/81, Register 78
Authority: AS 43.05.080
Art. IV, § 18
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Last modified 7/05/2006