Periodical
Current Corporate Income Tax Developments.
| Title: | Current Corporate Income Tax Developments. |
|---|---|
| Authors: | Boucher, Karen J. kboucher@deloitte.com, Ponda, Shona |
| Source: | Tax Adviser. Mar2011, Vol. 42 Issue 3, p187-195. 10p. |
| Abstract: | • States continued the trend toward asserting "economic" nexus (i.e., nexus without physical presence in a state) for purposes of state income taxes. A number of states passed laws asserting that a taxpayer has nexus with the state if the taxpayer has a certain amount of sales, property, or payroll within the state. • As a result of recent economic conditions, a number of states passed laws temporarily disallowing net operating loss (NOL) deductions or otherwise modifying their rules regarding NOL deductions. • Many states passed legislation decoupling their tax law from certain federal tax provisions. Provisions that were frequently the subject of decoupling include the Sec. 172(b)(1)(H) elective federal five-year carryback provisions for NOL deductions and the Sec. 108(i) deferral of income arising from certain discharged business indebtedness. [ABSTRACT FROM PUBLISHER] |
| Subject Terms: | *Corporate taxes, *Business tax, *Tax laws, *Taxation, American business enterprises |
| Geographic Terms: | United States |
| Copyright of Tax Adviser is the property of American Institute of Ceritified Public Accountants and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
| ISSN: | 00399957 |
| Database: | Business Source Complete |
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