Taxable year of combined group.
The combined group’s taxable year is determined as follows:
(a)#
If 2 or more members of a combined group file a federal consolidated return, the combined group’s taxable year is the taxable year of the federal consolidated group. In all other cases, the taxable year is the taxable year of the designated agent under sub. (7).
(b)#
If a taxable year of a member of a combined group differs from the taxable year of the combined group, the designated agent shall elect to determine the portion of that member’s income to be included in one of the following ways: 1. A separate income statement prepared from the books and records for the months included in the combined group’s taxable year. 2. Including all of the income for the year that ends during the combined group’s taxable year.
(b)(1)#
A separate income statement prepared from the books and records for the months included in the combined group’s taxable year.
(b)(2)#
Including all of the income for the year that ends during the combined group’s taxable year.
(c)#
For corporations that are subject to an election under par. (b), the same election shall be made for each member of the combined group subject to the election, the same election shall be made in each succeeding year, and the election is irrevocable except upon written approval by the department.