N.Y. Comp. Codes R. & Regs. tit. 20 § 6-2.5 : DEPARTMENT OF TAXATION AND FINANCE — Franchise and Certain Business Taxes — Business Corporation Franchise Tax — Reports —2 - Combined Reports —2.5 - Corporations not required or permitted to file a combined report

Tax Law, § 211(4)

(a) A corporation organized under the laws of a country other than the United States (see Tax Law section 211.4[a][5]) may not be included in a combined report.
(b) A corporation which is taxable under another franchise tax imposed by the Tax Law (or would be taxable under another franchise tax if subject to tax) may not be included in a combined report.
(c) A taxpayer that allocates in accordance with section 210.3(a)(7)(A) of the Tax Law (relating to aviation corporations) may not be included in a combined report with any other corporation that does not allocate pursuant to such section 210.3(a)(7)(A), unless such taxpayer or other such corporation is a qualified air freight forwarder as described in section 211.4(a)(2)(ii) of the Tax Law, with respect to such other corporation or taxpayer, respectively, and all corporations included in the combined report elect to have such qualified air freight forwarded so included.
(d) A taxpayer that allocates in accordance with section 210.3(a)(8) of the Tax Law (relating to railroad and trucking corporations) may not be included in a combined report with any corporation that does not allocate pursuant to such section 210.3(a)(8).
(e) A New York S corporation, as defined in section 208(1-A) of the Tax Law, may not be included in a combined report except with:
(1) one or more New York S corporations (see section 6-2.3 of this Subpart); and/or
(2) one or more foreign corporations not subject to tax, which have made an election under subchapter S of chapter one of the Internal Revenue Code (see section 6-2.3[d] of this Subpart).

N.Y. Comp. Codes R. & Regs. Tit. 20 § 6-2.5