Consolidating intercompany inventory

posted by | Leave a comment

Annotations to present corporation business tax: Privilege of doing business in corporate capacity may properly be taxed by including in net income otherwise tax-exempt interest income. Effective date of subsection (7) of section 12-214. Applicability to companies treated as foreign corporations by the Internal Revenue Code. Payment of tax by companies having economic nexus with state. Claim of state against trust company in receivership for tax on corporate stock is payable only from assets remaining after payment of creditors. Annotations to former tax on savings deposits: As to deduction of securities of the United States exempt from taxation, see 32 C.

Tax credit for expenditures for grants to institutions of higher education for research and development related to technological advancements. Tax credit for taxpayers occupying new facilities and creating new jobs. Rolling tax credit for research and development expenses. Tax is on franchise; after bank in hands of receiver, neither bank nor receiver liable for tax assessed after receiver's appointment. Appointment, before day tax laid, of temporary receiver is sufficient to remove liability for tax. Exemption of funds invested in certain corporations continues when corporation consolidates.

Leave a Reply

what does absolute dating