Rev. Rul. 64-110

Inquiries have been received as to whether enactment of the Revenue Act of 1964, Public Law 88-272, 78 Stat. 19, approved February 26, 1964, C.B. 1964-1 (Part 2), Page 6, will permit affiliated corporations a new election to file separate returns in lieu of consolidated returns.

Since the Revenue Act of 1964 constitutes a significant change in the tax laws, the Treasury Department has authorized a new election to file separate returns for the first taxable year for which returns are due to be filed after the date of enactment of the Act.

Accordingly, a new election to file separate returns is authorized for the first taxable year for which returns are due to be filed after February 26, 1964. In this regard returns due to be filed after February 26, 1964 (including any extensions of time granted by the Commissioner) will be considered as filed and the election exercised on such due date regardless of the actual previous date of filing. However, the last return (or returns) whether original or revised, filed on or before the due date for the return (including any extensions of time for filing such return), will be considered the return or returns filed on such date.

¹ Also published as Technical Information Release No. 552, dated March 13, 1964.