N.Y. General City Model 772/66 § 33: Consolidated returns

§ 33. Consolidated returns. Corporations which are affiliated may, if

authorized, and shall, if required, by the director of finance, under

regulations prescribed by the director of finance, make a consolidated

return for the purpose of this part. In any case in which a tax is

assessed upon the basis of a consolidated return, the total tax shall be

computed in the first instance as a unit and shall then be assessed upon

the respective affiliated corporations in such proportions as may be

agreed upon among them, or in the absence of any such agreement, then on

the basis of the net income properly assignable to each.