Mont. Code Ann. » TITLE 15. TAXATION · CHAPTER 31. CORPORATE INCOME TAX OR ALTERNATIVE CORPORATE INCOME TAX · Part 3. Allocation and Apportionment of Income
Montana Code Annotated

Mont. Code Ann. § 15-31-321 (2026)

Definitions

✓ current as of May 2026
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  1. MCA Contents
  2. TITLE 15
  3. CHAPTER 31
  4. Part 3
  5. 15-31-321 Definitions

TITLE 15. TAXATION

CHAPTER 31. CORPORATE INCOME TAX OR ALTERNATIVE CORPORATE INCOME TAX

Part 3. Allocation and Apportionment of Income

Definitions

15-31-321. Definitions. As used in 15-31-321 through 15-31-326, unless the context requires otherwise, the following definitions apply:

(1) "Affiliated corporation" means a United States parent corporation and any subsidiary of which more than 50% of the voting stock is owned directly or indirectly by another corporate member of the water's-edge combined group.

(2) "United States" means the 50 states of the United States, the District of Columbia, and any territory or possession of the United States.

(3) "Water's-edge combined group" means all corporations or entities included in the election of a taxpayer under 15-31-322.

History: En. Sec. 1, Ch. 616, L. 1987; amd. Sec. 1, Ch. 750, L. 2023.

Notes of Decisions
Cited in 1 case, 2019–2019 · leading case: Exxon Mobil Corp. v. Mont. Dep't of Revenue, 444 P.3d 407 (Mont. 2019).
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Exxon Mobil Corp. v. Mont. Dep't of Revenue, 444 P.3d 407 (Mont. 2019). · cites it 3× “The Legislature codified this election-known as a water's-edge election -in §§ 15-31-321 to -326, MCA, in 1987. 1987 Mont.”
Mont. Code Ann. § 15-31-321(3): 1 case
Exxon Mobil Corp. v. Mont. Dep't of Revenue, 444 P.3d 407 (Mont. 2019). “The Legislature codified this election-known as a water's-edge election -in §§ 15-31-321 to -326, MCA, in 1987. 1987 Mont.”
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