Consolidating corporation returns

consolidating corporation returns-83

They were, however, modified to apply only to corporations. Corporations Includible in an Affiliated Group An affiliated group, regardless of whether it files a federal consolidated return, is mandated to file a consolidated return which includes all includible corporations, i.e., those doing business in the Commonwealth not otherwise excluded to wit, a mandatory nexus consolidated return. In determining the composition of any given mandatory nexus consolidated return group, two things are critical: what constitutes an includible corporation; and, what makes up an affiliated group.

An includible corporation is one that is doing business in Kentucky, i.e., one with Kentucky nexus, which is not otherwise excluded. For this purpose, a corporation is the same as a corporation for federal income tax purposes. An in depth discussion of nexus is beyond the scope of this writing. What constitutes doing business is statutorily defined in KRS 141.010(25), and includes those corporations: organized in Kentucky; having a Kentucky commercial domicile; owning or renting property in Kentucky; having at least one individual performing services in Kentucky; maintaining an interest in a pass-through entity doing business in Kentucky; deriving income from Kentucky sources including a disregarded single member limited liability company doing business in Kentucky; and, directing activities at Kentucky customers for the purpose of selling them goods and services.

Take a look at the Kentucky Department of Revenues Administrative Regulation regarding nexus, 103 KAR 0, for additional insight regarding Kentucky income tax nexus.

An affiliated group is one or more chains of includible corporations connected through stock ownership with a common parent corporation which is itself an includible corporation, provided that: the common parent owns stock constituting at least 80% of the voting power in at least one other includible corporation; and, each includible corporation, excluding the common parent, is owned by one or more of the other corporations. In its simplest form, a nexus consolidated return is comprised of a common parent corporation that owns at least eighty percent (80%) of the stock of another corporation, its subsidiary, where both corporations are includible corporations.

It would also seem that the single corporation concept would provide the same result.


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