TAX 9866 Lecture Notes - Lecture 37: Franchise Tax, Intangible Property
Document Summary
Uniform division of income for tax purposes act. Business income means income arising from the transactions and activity in the regular course of tp trade/biz. If tp has several businesses, don"t have to use same allocation and apportionment methods for the business. Language permits separate trmt of diff businesses. Commercial domicile: principal place from which the trade or biz is directed/managed. Directed or managed = one definition; not two separate comments. Compensation means wages, salaries, commissions and any other form of remuneration paid to employees for personal services. Nonbusiness income: means all income other than business income. Public utility: any biz entity which owns or operates for public use any plant, equipment, property, franchise. Public utility will be defined to include all taxpayers subject to the control of the state"s regulatory bodies on the theory that separate legislation will provide for the apportionment and allocation of income of such tp.
