Filing of consolidated returns may be permitted or required in accordance with rules and regulations prescribed by the Tax Administrator. In the case of a corporation that carried on transactions with its stockholders or with other corporations related by stock ownership, interlocking directorates, or some other method, the Tax Administrator shall require any information, in addition to the return hereinafter required, as he or she may deem necessary to ascertain whether net profits are properly allocated to the municipality. 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 some other method, he or she may require the filing of a consolidated return or adjust the transactions so as to produce a fair and proper allocation of net profits to the municipality.
(1982 Code, § 35.08) (Ord. 1971-12, passed 8-23-1971; Ord. 1971-22, passed 11-30-1971; Ord. 2003-5, passed 1-6-2003; Ord. 2005-12, passed 9-12-2005; Ord. 2023-41, passed 11-16-2023)