Idaho Admin. Code r. 35.01.01.642 - WATER'S EDGE: LEGAL AND PROCEDURAL REQUIREMENTS
Section 63-3027B, Idaho Code
01.
Required Form. Proper filing
of the water's edge election and consent for production of records must be made
on the form provided by the Tax Commission and included in the original income
tax return for the first tax year to which the election applies.
(4-6-23)
02.
Required
Information. The following information must be included with each year's
tax return for which a water's edge election applies: (4-6-23)
a. A complete list of all affiliated
corporations, foreign and domestic, of which more than twenty percent (20%) of
the voting stock is, directly or indirectly, owned or controlled by a common
owner; (4-6-23)
b. Identifying
information for each member of the water's edge combined group , including:
federal identification number, primary business activities, percent of
ownership by members of the combined group , and dates of acquisition or
disposition of interest; (4-6-23)
c. A copy of the federal consolidated return,
if applicable; and (4-6-23)
d. A
schedule of taxable income for each possession corporation excluded from the
water's edge group pursuant to Section
63-3027B(a),
Idaho Code. (4-6-23)
Notes
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