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- Decoding Combination: What Is a Unitary Business
Because most states either statutorily require or permit some method of combined reporting, it is important for taxpayers to understand the intricacies of and opportunities in combined reporting statutes and regulations In this article, we will explore the foundation for combined reporting – the unitary business principle Read the full article
- www. mtc. gov
When a corporation and a partnership are engaged in a unitary business, the corporation must include its partnership income in its apportionable business income
- The Recent Growth of Mandatory Unitary Combined Reporting
The use of mandatory unitary combined reporting has become increasingly popular among states in recent years, driven by state budgetary shortfalls and the perceived distortion of taxable income by multistate corporations filing separate company reports
- California Franchise Tax Board issues legal ruling on unitary . . .
The FTB presumes that general partners are unitary with the limited partnerships in which they participate because: (1) general partners control the business of the limited partnership; and (2) the activities of the general partners evidence contribution or dependency between the general partners and the partnership
- 13. How is a unitary relationship determined?
How is a unitary relationship determined?A unitary relationship exists when a taxpayer has control over the entities and the entities have a flow of value between their various operations Factors that establish a flow of value include: Economic realities Functional integration Centralized management Economies of scale Substantial mutual interdependence These factors are not exhaustive or
- California amends partnership apportionment rules
The regulation is further revised to provide that if the partner and the partnership that conducts business within and without California are engaged in a unitary enterprise, then the rules embedded in Regulation section 25137-1 apply for purposes of determining the income from the partnership from California sources attributable to the partner
- Unitary Tax System - Explained - TheBusinessProfessor
Unitary tax system is a taxation approach whereby the income of profits (and losses) of different branches of a corporation are calculated under one group Unitary tax system is also called Formulary apportionment, under this system, all the profits and losses of different groups of the same corporation are allocated to a specific tax
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