(A) (1) Filing consolidated returns, providing they clearly show the income and expenses attributable to this city alone, is permitted if the taxpayer files a federal consolidated return.
(Ord. 74-1986, passed 11-5-86; Am. Ord. 92-2000, passed 12-6-00)
(2) 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 Section 1501 of the Internal Revenue Code. A consolidated return must include all companies that are so affiliated.
(B) 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 commissioner shall require the information, in addition to the return hereinafter provided for, as he may deem necessary to ascertain whether net profits are properly apportioned to this city. If the tax commissioner finds net profits are not properly apportioned to this city 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 apportionment of the net profits to this city.
('68 Code, § 300.6) (Am. Ord. 48-2003, passed 12-17-03)