New York: Parent corporation may claim subsidiary's investment tax credit carryover

A parent corporation may succeed to the investment tax credit carryover of its wholly owned subsidiary sold to a third party purchaser via a Section 338(h)(10) election, the New York Commissioner of Taxation and Finance held in an advisory opinion. ([N.Y. Dept. of Taxation and Finance, TSB-A-11(3)C, 02/18/2011]