(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 pursuant to I.R.C. § 1501. 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 of the rules and regulations for discontinuing the filing of consolidated returns have been met.
(‘74 Code, § 93.08) (Ord. 384-A, passed 4-1-71; Am. Ord. 01-1348, passed 1-16-01; Am. Ord. 05-1469, passed 12-21-05)