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What is a unitary business?
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When did unitary taxation come under attack?
Apr 8, 2010 · Unitary combined reporting, income apportionment, and State tax jurisdiction can present surprising consequences for foreign corporations. As illustrated by Wisconsin, State unitary tax regimes can also produce constitutionally suspect results.
Sep 1, 2019 · Of the states that impose an income tax, over half require combined reporting. About half of the combined - reporting states allow or "require" worldwide reporting. This discussion focuses on how state worldwide reporting works and what taxpayers should consider in determining whether to elect it or avoid it.
- Unitary Group Opportunities
- Functional Integration
- Centralization of Management
- Economies of Scale
- Jurisdictional Inconsistency
- Sources
While combined reporting often limits potential opportunities for impacted businesses through the imposition of mandatory rules under separate reporting regimes, several opportunities may be available, including defining the unitary group subject to combination, as well as apportionment planning in the proper calculation of the sales factor. In mos...
The functional integration test looks to shared functions and refers to transfers between, or pooling among, business entities that significantly affect the operation of the business activities.5Generally, functional integration includes, but is not limited to, transfers or pooling with respect to the business’s products or services, technical info...
The centralized management test focuses on not the ability to control but the actual amount of common control exercised between business segments. Centralization of management exists when directors, officers, and/or other management employees jointly participate in the management decisions that affect the respective business activities and that may...
The economies of scale test focuses on whether there is any income earned as a result of shared functions, activities, or operations. Economies of scale refer to a relation among and between business activities resulting in a significant decrease in the average per-unit cost of operational or administrative functions due to the increase in operatio...
Currently, approximately 30 jurisdictions mandate unitary combined reporting for general corporations that are commonly owned or controlled. However, notwithstanding the constitutional tests discussed above, these states adopt varying statutory definitions of “unitary” for purposes of combined reporting. Even in cases where the definitions in diffe...
Butler Brothers v. McColgan, 315 U.S. 501 (1942); See also 17 Cal. 2d 664.Edison California Stores v. McColgan, 183 P.2d 16 (1947).Mobil Oil Corp. v. Commissioner of Taxes of Vermont, 445 U.S. 425 (1980).Ibid.Apr 14, 2015 · The unitary business principle plays an important role not only as a criterion for combined reporting, but also as a touchstone for a state’s ability to tax extraterritorial values.
Dec 8, 2010 · Although you may find this revelation shocking, the simple fact is that all states are unitary states. In other words, all states must abide by the unitary business principle in administering their corporate income tax regimes.
STATE & LOCAL TAXES. The Recent Growth of Mandatory Unitary Combined Reporting. By Bridget McCann, MBA, CPA, Edison, NJ, Jamie C. Yesnowitz, J.D., LL.M., Washington, DC, Chuck Jones, J.D., CPA, Chicago, IL, and Giles Sutton, J.D., LL.M., Charlotte, NC. January 31, 2010. Reporting & Filing Requirements. Editor: Greg A. Fairbanks, J.D., LL.M.
Jul 2, 2019 · Introduction. Throwback is popular in sports jerseys, soft drinks, and angling. It is also an underappreciated contributor to corporate tax burdens, an obscure provision which can be more important than the tax rates themselves for many businesses.
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Achieve Your Financial Goals With Our Personalized Tax Planning Services. Reach Out To Us. Count On Us For Comprehensive Tax Solutions That Maximize Credits. Contact Us Today.
