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Apr 14, 2015 · The unitary business principle originated in the United States in the 19th century with state property taxes and transcontinental railroad and express companies. The issue in those early cases was ...
A GUIDE TO ACCOUNTING FOR BUSINESS COMBINATIONS This edition of A Guide to Accounting for Business Combinations has been produced by the National Professional Standards Group of RSM US LLP. We would like to acknowledge the efforts of the contributors to the July 2023 edition of this publication: • Brian Marshall, Partner
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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 ...
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 tests is the notion that a unitary business exists when ...
- Charles E McLure, Charles E McLure
- 1983
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. The second is whether transfer prices on transactions ...
- Charles E McLure, Charles E McLure
- 1983
In the case of divestitures, the unitary business principle serves as the backdrop for the extent to which the proceeds from the sale of an asset can constitutionally be taxed by a state. Sales of non-unitary business assets will not be included in the apportionable state tax base.
Unitary Business. In addition to New Jersey law, there are a number of different aspects of the unitary business principle and combined reporting that were developed from court decisions. In order to help determine whether a group of affiliated business entities is engaged in a unitary business, please review the following cases: Butler Brothers v.
