Form 355sc - Massachusetts Security Corporation Excise Return

Form 355sc - Massachusetts Security Corporation Excise Return - 2012 Page 3

How May a Security Corporation Elect to

What If the Corporation Changes

Have Its Classification Withdrawn?

Activities During the Year?

A corporation which has been classified as a security corporation

A security corporation which has a material change in its activities

may elect to have its classification withdrawn by notifying the Com-

(e.g., merger with another corporation) during the year must notify

missioner of Revenue of its election in writing. This election may be

the Commissioner of Revenue in writing of the change before the

made even if the corporation is still engaged exclusively in buying,

end of the taxable year in which the change occurs. Any classified

selling, dealing in or holding securities on its own behalf and not as

security corporation engaging in disallowed activities during the tax-

a broker. The notice must be on corporate letterhead and signed by

able year will have its security classification revoked and any addi-

the president, vice-president or clerk of the corporation. The notice

tional amounts due under the Massachusetts corporation excise for

of withdrawal must be filed and received by DOR before the end of

the year will be assessed.

the corporation’s taxable year. This election should be sent to the

For further information on a security corporation’s responsibilities

Security Corporation Unit address listed in the “How Does a Corpo-

when changing activities, refer to DOR Directive 86-37.

ration Apply for Security Corporation Classification?” section.

For further information on electing to withdraw your security corpo-

ration classification refer to DOR Directive 86-36.

Form 355sc - Massachusetts Security Corporation Excise Return - 2012 Page 3