Tax Type
Corporation Income Tax
Description
Permission for DISC to file a separate return
Topic
Returns/Payments/Records
Date Issued
10-28-1985
October 28. 1985
Re: §58.1-442 Permission to File Separate Return
Dear ****
The parent corporation has requested permission for its Domestic International Sales Corporation (DISC) subsidiary to file a separate final return. They have filed consolidated returns in the past.
The DISC subsidiary has been inactive for a number of years and the parent plans to liquidate it. The subsidiary has no income, property, payroll or sales which would affect a consolidated return.
The parent has sold most of its assets and is planning to liquidate itself. Requiring the DISC to be included in a consolidated return would delay the parent's liquidation and serve no useful purpose. There is no possibility that the requested change in filing status would affect future tax liability.
Accordingly permission is granted to file a separate return for the final taxable year of the DISC subsidiary.
Sincerely,
W. H. Forst
Tax Commissioner
Rulings of the Tax Commissioner