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Illinois , the nation’s top court said an Illinois appellate court improperly applied the operational function test of the unitary business principle in concluding that MeadWestvaco Corp. (“Mead”) owed the state capital gains tax on a portion of its gain from the 1994 sale of Lexis/Nexis (“Lexis”). Mead, which is domiciled in Ohio ...
Abstract. The definition of a unitary business has figured prominently in several recent decisions of the U.S. Supreme Court on the. constitutionality of state corporate income taxes. This paper. employs economic analysis to frame a three part test of whether a. unitary business exists. Underlying the.
- Charles E McLure, Charles E McLure
- 1983
Apr 14, 2015 · For example, Wisconsin states in its regulations that a passive parent holding company that directly or indirectly controls one or more operating company...
Modern democracies divide governmental power in two general ways; some, like the United States, use a combination of both structures. The first and more common mechanism shares power among three branches of government—the legislature, the executive, and the judiciary. The second, federalism, apportions power between two levels of government ...
California uses two tests to determine the existence of a unitary business. The most common test is the three-utilities test that focuses on the three factors of ownership, operations, and use to determine if a unitary business exists. Unity of ownership is deemed to be 50% ownership, either directly or indirectly.
Accounting encompasses a broad set of activities, from basic bookkeeping to analyzing the company’s financial health, forecasting revenue, preparing taxes and ensuring legal compliance. Businesses use five main types of accounting: managerial, cost, project, tax and financial accounting.
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This paper employs economic analysis to frame a three part test of whether a unitary business exists. Underlying the tests is the notion that a unitary business exists when separate accounting can not satisfactorily isolate the profits of individual firms. The first test is common control.
