Internal Revenue Service
Revenue Ruling

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 Rev. Rul. 55-80

1955-1 C.B. 387

Sec. 442

Sec. 1501

Full Text

Rev. Rul. 55-80

Where a parent corporation has been granted permission to change its accounting period from a fiscal to a calendar year basis to conform with that of its subsidiaries, the requirements of section 24.14(a) of Regulations 129 are considered to have been met. A consolidated return, including the income of the common parent and of the subsidiaries (computed as provided in section 24.32 of Regulations 129), is permitted to be filed for the short period. Each subsidiary is required to file a separate return for the period prior to the start of the short accounting period of the parent corporation. The consolidated net income is required to be annualized in accordance with the provisions of section 47(c) of the Internal Revenue Code of 1939