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Can you summarize 5 DEAC 1100?
Banking > Taxation
Short Summary
The provided legal document content includes information on taxation and reporting requirements for subsidiary corporations of banking organizations or trust companies, as well as resulting branches of out-of-state banks operating in Delaware. The first document governs the election by a subsidiary corporation to be taxed in accordance with Chapter 19 of Title 30. The election is available to subsidiary corporations that meet certain qualifications and allows them to be excluded from the taxable income of their parent banking organization or trust company. The second document outlines the reporting requirements for resulting branches of out-of-state banks operating in Delaware. The report must be submitted annually to the Office of the State Bank Commissioner and covers the income earned in the previous calendar year. The document references specific regulations and provides instructions for preparing the report. The third document is a regulation that applies to banking organizations and trust companies that elect to pay an alternative franchise tax. It provides instructions for filing the estimated and final alternative franchise tax returns, as well as guidelines for calculating the tax and determining due dates and penalties for late filing or payment. The fourth document provides instructions for the preparation of franchise tax for resulting branches of out-of-state banks operating in Delaware. It covers the estimated and final franchise tax reports, calculation of tax based on net operating income, due dates, penalties for late filing or payment, and guidelines for separate accounting by resulting branches. The fifth document outlines the requirements and procedures for a corporation to elect to be treated as a ‘Subsidiary Corporation’ of a Delaware chartered banking organization or trust company for tax purposes. The election allows the corporation to be taxable on a consolidated basis with its parent organization and be exempt from Delaware state corporation income taxes. The document specifies the eligibility criteria, filing instructions, supplemental reporting requirements, termination of the election, and taxable year of the electing corporation. No specific penalties are mentioned in the document.
Whom does it apply to?
Subsidiary corporations of banking organizations or trust companies, resulting branches of out-of-state banks operating in Delaware
What does it govern?
Taxation of subsidiary corporations of banking organizations or trust companies, reporting requirements for resulting branches of out-of-state banks operating in Delaware
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Late filing penalties of $25 per day for estimated and final franchise tax reports
Jurisdiction
Delaware