
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC1501]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                        Subtitle A--Income Taxes
 
                     CHAPTER 6--CONSOLIDATED RETURNS
 
                Subchapter A--Returns and Payment of Tax
 
Sec. 1501. Privilege to file consolidated returns

    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.

(Aug. 16, 1954, ch. 736, 68A Stat. 367.)

                  Section Referred to in Other Sections

    This section is referred to in sections 172, 542, 818, 832, 963, 
1092, 7701 of this title.
