Section 206.805 – Definitions; F to M.
206.805 Definitions; F to M. Sec. 805. (1) “Federal taxable income” means taxable income as defined in section 63 of the internal revenue code without the deductions described under section 703(a)(2) of the internal revenue code. For the purposes of this part in computing federal taxable income, an S corporation shall be treated as a […]
Section 206.807 – Definitions; P to S.
206.807 Definitions; P to S. Sec. 807. (1) “Partnership” means an entity that is required to or has elected to file as a partnership for federal income tax purposes. Partnership includes a limited liability company that is treated as a partnership for federal income tax purposes. (2) “Person” means an individual, bank, financial institution, insurance […]
Section 206.809 – Definitions; T to U.
206.809 Definitions; T to U. Sec. 809. (1) “Tax” means the tax imposed under this part, including interest and penalties under this part, unless the term is given a more limited meaning in the context of this part or a provision of this part. (2) “Tax year” means the calendar year, or the fiscal year […]
Section 206.811 – Nexus; “Actively Solicits”, “Gross Receipts”, and “Physical Presence” Defined.
206.811 Nexus; “actively solicits”, “gross receipts”, and “physical presence” defined. Sec. 811. (1) Except as otherwise provided in this part, a taxpayer has substantial nexus in this state and is subject to the tax imposed under this part if the taxpayer elects to pay the tax pursuant to section 813 and if the taxpayer has […]
Section 206.813 – Election to Pay Flow-Through Entity Tax; Irrevocable; Timing.
206.813 Election to pay flow-through entity tax; irrevocable; timing. Sec. 813. For tax years beginning on and after January 1, 2021, a flow-through entity may, in a form and manner as prescribed by the department, elect to file a return and pay the tax imposed by this part. Except as otherwise provided under this section, […]
Section 206.815 – Flow-Through Entity Tax; Levy and Imposition; Base; Adjustments; Computation of Tax; Disclosure to Members.
206.815 Flow-through entity tax; levy and imposition; base; adjustments; computation of tax; disclosure to members. Sec. 815. (1) Subject to section 847, beginning January 1, 2021 and each tax year after 2021, there is levied and imposed a flow-through entity tax on every taxpayer with business activity in this state unless prohibited by 15 USC […]
Section 206.817 – Tax Base; Apportionment; Business Activity of the Flow-Through Entity; Chapter 3.
206.817 Tax base; apportionment; business activity of the flow-through entity; chapter 3. Sec. 817. (1) Except as otherwise provided in this part, the business income tax base established under this part shall be apportioned in accordance with allocation and apportionment provisions in chapter 3. (2) For a taxpayer that has a direct, or indirect through […]
Section 206.819 – Tax Credit for Allocated Share of Tax Reported by Flow-Through Entity; Prohibition.
206.819 Tax credit for allocated share of tax reported by flow-through entity; prohibition. Sec. 819. Any taxpayer allocated income as a member of a flow-through entity by the flow-through entity may not claim a credit against the tax imposed by this part for the taxpayer’s allocated share of the tax as reported by the other […]
Section 206.831 – Estimated Payments and Quarterly Returns.
206.831 Estimated payments and quarterly returns. Sec. 831. (1) Except as otherwise provided under this section, a taxpayer that reasonably expects liability for the tax year to exceed $800.00 shall file an estimated return and pay an estimated tax for each quarter of the taxpayer’s tax year in the same manner as provided in section […]