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    What is unitary state income tax?

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  2. Sep 26, 2017 · The unitary state income tax is a means by which certain states regulate the collection of income in the form of taxes from companies that do interstate commerce or file consolidated tax returns. While the regulation and requirements vary greatly among states, some generalities may be used to explain the concept.

    • Betsy Gallup
    • Sales and Use Taxes
    • State and Local Income Taxation
    • State Income Tax Reporting by Affiliated Corporations
    • State Taxation of Partnerships, LLCs, and S Corporations

    Most states and many municipalities impose a sales tax on purchases of tangible personal property that varies from 3 to 11%; a few also assess sales tax on services and intangible assets. The seller collects the tax and is responsible for remitting the tax to the state. Businesses that sell products or services in multiple tax jurisdictions must determine how much was sold in each jurisdiction and pay the appropriate tax. Businesses must also file quarterly tax reports and pay the appropriate tax for each quarter. Previously, a business was only obligated to collect sales tax if it had a nexus in the state or municipality. Although the definition of nexus varies from jurisdiction to jurisdiction, it generally means that the business has a physical presence in the state or municipality. However, sometimes businesses with affiliates who work to promote the company in exchange for commissions on sales, such as those who work for Amazon, are considered a nexus according to legislation p...

    Each state has the right to tax a business that has sales within the state. Public Law 86-272 prohibits any state from taxing businesses simply because of a sale of tangible personal property to customers within the state. However, the law does not apply to sales of services or intangible property. Some states assess tax if a business receives income for intangible assets, such as trademarks or licenses, thereby establishing an economic nexusin the state. Note that the definition of nexus may differ for income taxes and for sales taxes. A business may be required to collect sales tax in one jurisdiction but not be subject to the income taxation of that jurisdiction. The converse may also be true. Taxable income, as defined by the state, usually begins with the federal taxable income before special deductions, such as net operating loss deductions and the dividends-received deduction. The resulting income is most commonly modified by: 1. adding back the federal deduction for state in...

    If a corporation is part of an affiliate group that files a consolidated federal tax return, then the treatment of the group will differ according to state laws. Most states allow consolidated returns of at least those businesses with a nexus in the state, and some states even mandate a consolidated return. Several states have adopted what is called a unitary approach to taxing a business, if it is a unitary business, meaning that the affiliated groups are integrated and interdependent in conducting their business. In such a case, the consolidated state tax return is required. In the case of a unitary business, the apportionment rules still apply, but they are applied to the total income of the unitary business even if some of the affiliates do not have a physical nexus in the state. (It could be said that any out-of-state affiliates have an economic nexus because they are part of the group.) Unlike the federal system, some states may even require that foreign subsidiaries be includ...

    Most companies with a significant presence in multiple states are C corporations, because a C corporation must file only 1 tax return for each state. On the other hand, flow-through entities, such as partnerships, limited liability companies, and S corporations do not file a tax return, though they may file an information return, so each of the individual owners must file a tax return in each of the states that the entity conducts its business, which is a major drawback of using flow-through business entities to operate a multistate business. Generally, partnershipsare treated the same as individuals, since the partners pay the tax rather than the partnership. However, each partner must file a state tax return in every state in which the partnership has a nexus. Partnership income is generally apportioned according to the same rules that corporate income is apportioned. Because of the compliance burden, some states allow large partnerships to file state tax returns on behalf of the...

  3. Yes, it will be false because in these states that have adopted the unitary concept (companies with a similar ownership structure, …. View the full answer. Transcribed image text: Unitary return states require each member of a consolidated group with nexus to be included in the unitary state tax return True or False True False.

  4. Dec 21, 2009 · creation of a host entity, located in a unitary state or tax haven state, for the ownership of controlled for-eigncorporations.Inthatmannerthetaxpayercould channel foreign dividends away from separate-filing states. Third Generation Third-generation state tax planning generally in-volved comprehensive process-driven state tax mini-

  5. Sep 01, 2002 · If a unitary relationship exists between a group of legal entities, certain states would require the group to file a combined income tax return. Generally, a state presumes a unitary relationship whenever unity of ownership, operation and use exists, as evidenced by centralized management, purchasing, advertising, accounting or other centralized interaction.

    • Peric, Vladimir Gary
    • 0JSTA
    • Sep 1, 2002
    • The Tax Adviser
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