59-7-404. Calculation of unadjusted income for combined reporting.
(1) A group filing a combined report under Sectionorshall calculate unadjusted income of the combined group by: 59-7-402 59-7-403 computing unadjusted income on a separate return basis; combining income or loss of the members included in the combined report; and making appropriate eliminations and adjustments between members included in the combined report.
(2) For purposes of this section, if an entity does not calculate federal taxable income, then unadjusted income shall be calculated based on the applicable federal tax laws.