Sec. 3-9.6. Combined reports

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Tax Law, § 211(4)
(a) A taxpayer which is a stockholder of a taxable DISC and which directly or indirectly owns or controls substantially all the capital stock of such DISC may elect to make a report on a combined basis with such DISC. The failure of the taxpayer to make such an election will not prohibit the Tax Commission from requiring a combined report. Ordinarily, substantially all the capital stock means the ownership or control of 80 percent or more of the voting capital stock of the DISC throughout the taxable year. (See Subpart 6-2 of this Title—Combined reports).
(b) In filing a combined report pursuant to subdivision (a) of this section, intercorporate dividends from a taxable DISC or a taxable former DISC are taxable as business income and shall not be eliminated.

                    
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