Rev. Rul. 56-681

The Tax Rate Extension Act of 1955, Public Law 18, 84th Cong., 1st Session, 69 Stat., 14, approved March 30, 1955, C.B. 1955-1, 619, and the Tax Rate Extension Act of 1956, Public Law 458, 84th Cong., 2nd Session, 70 Stat., 67, approved March 29, 1956, C.B. 1956-1, 869, which extended the corporate normal-tax rate of 30 percent to taxable years beginning before April 1, 1956, and April 1, 1957, respectively, are not of such a character as to make substantially less advantageous to affiliated groups of corporations as a class the continued filing of consolidated income tax returns, within the meaning of section 1.1502-11(a)(2) of the Income Tax Regulations. Accordingly, an affiliated group of corporations which filed a consolidated income tax return for the calendar year 1954, or for the first taxable year ending after August 16, 1954, is not entitled, solely by reason of the enactment of the above Acts, to make a new election to file separate returns.