Title 26 — Internal Revenue CodeRelease 119-73not60
§1501 Privilege to File Consolidated Returns
Title 26 › Subtitle Subtitle A— Income Taxes › Chapter 6— CONSOLIDATED RETURNS › Subchapter A— Returns and Payment of Tax › § 1501
Summary
Related corporations may file one combined income tax return instead of separate returns. Every company that was in the group during the year must agree to the consolidated-return rules before the filing deadline; filing the combined return itself counts as agreement. Include each member’s income only for the time it was in the group.
Full Legal Text
Title 26, §1501
Internal Revenue Code — Source: USLM XML via OLRC
An affiliated group of corporations shall, subject to the provisions of this chapter, have the privilege of making a consolidated return with respect to the income tax imposed by chapter 1 for the taxable year in lieu of separate returns. The making of a consolidated return shall be upon the condition that all corporations which at any time during the taxable year have been members of the affiliated group consent to all the consolidated return regulations prescribed under section 1502 prior to the last day prescribed by law for the filing of such return. The making of a consolidated return shall be considered as such consent. In the case of a corporation which is a member of the affiliated group for a fractional part of the year, the consolidated return shall include the income of such corporation for such part of the year as it is a member of the affiliated group.
Reference
Citations & Metadata
Citation
26 U.S.C. § 1501
Title 26 — Internal Revenue Code
Last Updated
Apr 5, 2026
Release point: 119-73not60