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Procedural Issues Raised by Combined Reporting and Formulary Apportionment
The article was authored by Craig B. Fields and Hollis L. Hyans and is 22 pages in length. It was originally published in the State and Local Tax Lawyer 2008 Symposium Edition.
The articles and essays included in this Edition offer an overview of the group reporting schemes in use across the country and examine the economic origins and the evolution of the unitary business principle that underlies combined reporting. They explore the policy considerations that states assess in choosing whether to adopt combined reporting and the conflicting policy goals of different jurisdictions. Additionally, they examine single vs. aggregate taxpayer theory, analyze procedural issues raised by combined reporting, explore the ultimate (but apparently unreachable) goal of uniformity, and, finally, weigh all the pros and cons of combined reporting. The day-long program from which these pieces are adapted was held at Georgetown University Law Center on May 14th, 2008.
For information on the State and Local Tax Lawyer 2008 Symposium Edition, click here.
Article Abstract
Once a state has determined to adopt combined reporting, its attention must turn to the devilish details: the procedural issues inevitably raised in combined reports. This Article is divided into seven parts that will examine many of those procedural issues, identify some of the troublesome areas that states have encountered, and describe the solutions that state legislatures and courts have applied.
Part II discusses permissive combination and procedures for valid elections and revocations. Part III analyzes New York State's new standard for combined reporting, which no longer requires the existence of distortion on separate returns. Part IV discusses the disparate treatment of federally deferred intercompany transactions amongst the states. In addition, Part V addresses New York's new rules concerning the treatment of the sale of subsidiary stock. Part VI discusses the statute of limitations implications in the filing of combined returns. Part VII analyzes the concept of instant unity and possible timing issues for filing a combined return. Finally, Part VIII identifies state approaches in addressing how net operating losses are applied in combined or consolidated returns.
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