Regulatory Alerts2004-09-01
Added · Updated
Final: 1113 Election by a Subsidiary Corporation of a Banking Organization or Trust Company to be Taxed in Accordance with Chapter 19 of Title 30
Subsidiary corporations of a banking organization or trust company that are not themselves banking organizations or trust companies and are not engaged in securities activities may elect to be taxed under Chapter 19 of Title 30. A valid election excludes the subsidiary's income from the parent's taxable income for the tax year and removes the subsidiary's status as a subsidiary corporation for purposes of Chapter 11 of Title 5. The election requires filing Form A with the State Bank Commissioner and the Delaware Division of Revenue, followed by annual Form B filings and copies of Delaware State Income Returns. The election remains in effect until terminated by filing a notice with both the State Bank Commissioner and the Delaware Division of Revenue.
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