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(1) Any corporation described in IRC 1361(b)(3) whose parent elects to treat as a qualified subchapter S subsidiary on or after January 1, 2003, and that has Montana source income, must file a Montana Form DER-1 on or before the 15th day of the third month following the close of the parent S corporation's annual accounting period.

(2) A corporation required to file an information return provided in (1) can obtain an automatic extension of time to file its information return if its owner has qualified for an extension of time to file a return. The extended due date is the same as the owner's federal extended due date. The corporation is allowed an automatic extension to file its information return of up to six months if the owner is not required to file a federal information return.

(3) A corporation required to file the information returns provided in (1) is subject to a late-filing penalty if:

(a) the Montana disregarded entity information return is not filed by the due date (including extensions); or

(b) a return is filed that does not include all of the following information:

(i) name, address, and federal identification number of its S corporation parent;

(ii) the date of the election and the internal revenue district (or service center serving the district) where the election was filed;

(iii) any assumed business name(s) the qualified subchapter S subsidiary has registered with the Montana Secretary of State, under which it conducts any trade, business, or occupation in the state, or under which it holds title to any real or tangible personal property in the state; and

(iv) the state, country, and date of its incorporation.

History: 15-1-201, 15-30-2620, 15-30-3302, 15-31-501, MCA; IMP, 15-30-2602, 15-30-2603, 15-30-3302, 15-30-3311, 15-30-3312, 15-31-101, 15-31-111, MCA; NEW, 2002 MAR p. 3708, Eff. 12/27/02; AMD, 2013 MAR p. 428, Eff. 3/29/13; AMD, 2015 MAR p. 2152, Eff. 12/11/15.

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