§ 44-11-4 - Returns of affiliated groups of corporations.
SECTION 44-11-4
§ 44-11-4 Returns of affiliated groups ofcorporations. – An affiliated group of corporations may file a consolidated return for thetaxable year in lieu of separate returns; provided, that all the corporationswhich constitute the affiliated group at any time during the period for whichthe return is made and which are subject to taxation under this chapter shallconsent to the making of the consolidated return. The tax administrator mayprescribe rules and regulations as he or she may deem necessary in order thatthe tax liability of any affiliated group of corporations making a consolidatedreturn and of each corporation in the group, liable to taxation under thischapter, both during and after the period of affiliation, may be determined,computed, assessed, collected, and adjusted in a manner as clearly to reflectthe net income and the corporate excess and to prevent avoidance of taxliability.