(a) A consolidated return may be filed by a group of corporations who are affiliated through stock ownership if that affiliated group filed for the same tax period, a consolidated return for Federal income tax purposes. A consolidated return must include all companies that are so affiliated.
(b) Once a consolidated return has been filed for any taxable year, consolidated returns shall continue to be filed in subsequent years unless the applicable requirements are met.
(1) If the Tax Administrator finds net profits are not properly allocated to the Municipality by reason of transactions with stockholders or with other corporations related by stock ownership, interlocking directorates or transactions with such division, branch, factory, office, laboratory or activity or by some other method, he shall make such allocation as he deems appropriate to produce a fair and proper allocation of net profits to the Municipality.
(2) If by written request from the taxpayer, the Tax Administrator finds the change from the consolidated return will not effect the fair and proper allocation of net profits to the Municipality, then a written "letter of acceptance" will be issued by the Tax Administrator.
(Ord. 2003-79. Passed 12-2-03.)