Delaware Code Title 30 Sec. 6404 – Election and returns
(a) Election. — Every Headquarters Management Corporation desiring to be certified under this chapter shall file an election with its application for a Headquarters Management Corporation license.
Terms Used In Delaware Code Title 30 Sec. 6404
- Affiliated group: has the meaning provided by § 1504 of the Internal Revenue Code [26 U. See Delaware Code Title 30 Sec. 6401
- certification: means or refers to the written determination of the Director of Revenue issued to a corporation that it qualifies as a Headquarters Management Corporation pursuant to the provisions of this chapter. See Delaware Code Title 30 Sec. 6401
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Headquarters Management Corporation: means an entity treated as a corporation under the Internal Revenue Code of the United States (Title 26 of the United States Code) that:
- Headquarters services: includes , without limitation, accounts receivable and payable, employee benefit plan, insurance, legal, payroll, data processing, purchasing, and tax, financial and securities accounting, reporting and compliance services provided by a Headquarters Management Corporation to itself and members of its affiliated group, and the maintenance and management of the intangible investments of other members of its affiliated group. See Delaware Code Title 30 Sec. 6401
- Investment activities: means the maintenance and management by a Headquarters Management Corporation of its intangible investments and the collection and distribution of the income from such investments or from tangible property physically located outside this State. See Delaware Code Title 30 Sec. 6401
- Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
- State: means a state of the United States, the District of Columbia, Puerto Rico, The United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 30 Sec. 502
- Tax: shall be deemed also to refer to license fees imposed under Part III of this title. See Delaware Code Title 30 Sec. 502
- Taxable: means any person, fiduciary, association of persons, syndicate, joint venture or copartnership subject to making return or to payment of tax imposed by this title. See Delaware Code Title 30 Sec. 101
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) Termination of election. — An election under this section shall remain in effect until terminated by revocation by the taxpayer or the taxpayer’s failing to limit its activities in this State to headquarters services or investment activities.
(c) Returns. — Every Headquarters Management Corporation shall file an annual tentative return and an annual final return regardless of the amount of its estimated tax liability, its gross income or its taxable income.
(1) A tentative return, covering estimated income tax liability for the current taxable year, in such form and containing such information as the Secretary of Finance shall prescribe, shall be filed with the Secretary of Finance on or before the first day of the fourth month of the current taxable year.
(2) A final return, in such form and containing such information as the Secretary of Finance shall prescribe, shall be filed with the Secretary of Finance on or before the first day of the fourth month immediately following the end of the taxable year.
(d) Certification of returns. — Every return shall have annexed thereto a certification by the president, vice-president, treasurer, assistant treasurer, chief accounting officer or any other officer of the taxpayer or other individual duly authorized so to act to the effect that the statements contained therein are true to the best of such officer’s or such other individual’s knowledge and belief.
(e) Consolidated returns. — An affiliated group of Headquarters Management Corporations may elect to make a consolidated return with respect to the income tax imposed by § 6402 of this title for the taxable year in lieu of separate returns. The making of a consolidated return shall be considered the election and consent of all members of the affiliated group. The tax due by an affiliated group of Headquarters Management Corporations filing a consolidated return shall be no less than the tax payable under § 6402(2) of this title multiplied by the number of members reporting on the consolidated return.