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Form 851 Illinois: What You Should Know

Report the value of the common, preferred, paid-in surplus and/or the paid-in capital stock in all cases where the taxpayer has not elected the application of section 954. Report the value of stock of the affiliated group in any case where the taxpayer does not elect the application of section 954. Report the assets of the affiliated group in any case where the taxpayer has not elected the application of section 954. Report the total amount of common and preferred stock in the parent corporation and the affiliated group, and their respective percentages of outstanding interest. Determine the net income attributable to and distribute to shareholders of the affiliated group for the taxable year. In the case of an affiliated group that has more than one taxpayer, use the first taxpayer to complete the Form 851. The Form 851 that is not filed with the consolidated income tax return of an affiliated group must be filed with the personal income tax return of each taxpayer that is a member of the affiliated group or, the taxpayer may elect to have a new Form 851 filed with its individual tax return. The Form 851 that is not filed with the consolidated income tax return of an affiliated group must be filed with the personal income tax return of each taxpayer that is a member of the affiliated group or, the taxpayer may elect to have a new Form 851 filed with its individual tax return. If a corporation does not have any persons having interests in the affiliated group, and all of its holders have entered into ownership plans, the holder of the highest percentage of any interest in the corporation at the end of the tax year, or at the end of the previous tax year, is required to file a copy of the plan that provides that the person who owns the highest percentage of the interests must be required to file Form 851 if a corporation has more than one taxpayer. The Form 851 that is not filed with the consolidated income tax return of an affiliated group must be filed with the personal income tax return of each taxpayer that is a member of the affiliated group or, the taxpayer may elect to have a new Form 851 filed with its individual tax return.

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