[Code of Federal Regulations]
[Title 26, Volume 12]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.1503-1]

[Page 543]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1503-1  Computation and payment of tax.

    (a) General rule. In any case in which a consolidated return is 
filed or required to be filed, the tax shall be determined, computed, 
assessed, collected, and adjusted in accordance with the regulations 
prescribed under section 1502 promulgated prior to the last date 
prescribed by law for the filing of such return.
    (b) Limitation. If the affiliated group includes one or more Western 
Hemisphere trade corporations (as defined in section 921) or one or more 
regulated public utilities (as defined in section 1503 (c)), the 
increase in tax described in section 1503 (a) shall be applied in a 
manner provided in the regulations under section 1502.

[T.D. 6500, 25 FR 12105, Nov. 26, 1960, as amended by T.D. 7244, 37 FR 
28897, Dec. 30, 1972]

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