Forms 4907 To 4910 - Michigan Corporate Income Tax For Financial Institutions - 2014 Page 27
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28Effects of Members Joining a Group
When an entity becomes a member of a UBG part way through
the member’s tax year, for CIT purposes the new member will
experience a short tax year beginning on the date the member
joins the group, even if it does not have a short period for
federal purposes.
For both the UBG return and the new member’s separate
short period return, tax bases will be calculated using actual
numbers from the applicable short period of the new member.
Effects of Members Leaving a Group
When a member of a UBG ceases to be a member part
way through the member’s tax year, for CIT purposes the
departing member will experience a short tax year ending on
the departure date, even if it does not have a short period for
federal purposes.
For both the UBG return and the departing member’s separate
short period return, tax bases will be calculated using actual
numbers from the applicable short period of the departing
member.
Other UBG-Related Issues
An affiliated person that is excluded from membership in a
UBG because it is a foreign person, which has nexus and meets
the applicable filing threshold, must file a separate CIT return.
Further Guidance
For information on CIT issues, see the Treasury Web site at
Click on “Corporate Income Tax”
on the left side of the page. Treasury will post updates here and
via Revenue Administrative Bulletin (RAB), available under
the “Reference Library” link on the left side of the page).
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Form 4910 - Michigan Corporate Income Tax Unitary Business Group Combined Filing Schedule For Financial Institutions - 2014
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Parent category: Financial