Unitary Tax Return States
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- 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.
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What is combined tax filing?
Unitary Tax Return means a state income tax return which reflects the combined and/or consolidated reporting (either on a domestic or worldwide basis) of Enron and its affiliates for a state which either (i) imposes its income tax on its apportioned and/or allocable share of the net income and its United States affiliates that are engaged in a "unitary business", part of which is conducted in ...
A state corporate income tax on worldwide income. Although they are unpopular with corporations, unitary taxes are instituted by governments to foil firms that use creative accounting techniques to transfer their income to states or countries with low income-tax rates.
unitary business doctrine is the disregarding of separate legal entities. While only a handful of states impose the unitary business doctrine, those that do have generated significant controversy in the past 20 to 30 years. Unitary and Separate Return States In these states that have adopted the unitary concept (companies with a
The resulting State tax filing and income apportionment could trip the 80/20 rule for unitary States where U.S. subsidiaries operate. Second, more unitary combined reporting States are adopting economic presence "nexus" to target foreign corporations.
locations. In order to evaluate the taxpayer’s determination of a unitary relationship, state auditors must look beyond accounting and tax return information. Auditors must annually determine how a taxpayer and its affiliates operate at a fairly detailed level to determine which affiliates are unitary.
might occur in a unitary tax, nor is there any incentive to invest in tax avoidance schemes. Further, even with a low tax rate, a VAT is likely to generate greater and more stable tax revenues than the current corporate income tax. Finally, if Georgia decides to adopt a unitary tax there are two main options, a
Starting in 2014, unitary groups file Form CO-411, Corporate Income Tax Return. The CO-411U has been discontinued. The CO-411U has been discontinued. Each return package will have a BA-402, Apportionment & Allocation Schedule Instructions which reports the PVC’s apportionment percentage, and carries forward to Line 6 of the CO-411.