Section 15 AAC 20.360 - Records of intercompany transactionsAn affiliated corporation included in a taxpayer's water's edge return shall maintain records of intercompany transactions. Upon notification by the department of the department's intent to perform an audit of the taxpayer, an affiliated corporation shall make available to the department, within 120 days of notification, records sufficient to show the following:
(1) for each transfer of goods or services between a corporation in the water's edge combined group and a corporation not in the water's edge combined group that was an affiliated corporation at any time during the tax year, the (A) identity of the goods or services transferred, including the model number, description, property identification number, and account code, if applicable;(B) number or amount of goods or services transferred;(C) identity of the transferor and the transferee; and(D) price and any other consideration for the transfer;(2) for each transfer of the types of goods or services identified in this section to nonaffiliated corporations during the tax year or the immediately preceding tax year,(A) the number or amount of goods or services transferred; and(B) the price of those goods or services.Eff. 7/9/93, Register 127; am 3/6/98, Register 145In 2012 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 43.20.073 as AS 43.20.145. As of Register 204 (January 2013), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 15 AAC 20.360, so that the citation to former AS 43.20.073 now refers to the renumbered statute, AS 43.20.145.
Authority:AS 43.05.080
AS 43.19.010
AS 43.20.145
Art. IV, § 18,
Ak Const.