Section 290.9705 — Surety Deposits Required For Construction Contracts.
290.9705 SURETY DEPOSITS REQUIRED FOR CONSTRUCTION CONTRACTS. Subdivision 1. Withholding of payments to out-of-state contractors. (a) In this section, “person” means a person, corporation, or cooperative, the state of Minnesota and its political subdivisions, and a city, county, and school district in Minnesota. (b) A person who in the regular course of business is hiring, […]
Section 290.9725 — S Corporation.
290.9725 S CORPORATION. For purposes of this chapter, the term “S corporation” means any corporation having a valid election in effect for the taxable year under section 1362 of the Internal Revenue Code. An S corporation shall not be subject to the taxes imposed by this chapter, except the taxes imposed under sections 290.0922, 290.92, […]
Section 290.9726 — Corporation Taxable Income Taxed To Shareholders.
290.9726 CORPORATION TAXABLE INCOME TAXED TO SHAREHOLDERS. Subdivision 1. General rule. The gross income of the shareholders of corporations described in section 290.9725 shall be computed under the provisions of section 290.01, subdivision 20. Subd. 2. Character of items distributed or considered distributed. The character of any item of income, gain, loss, or deduction included […]
Section 290.9727 — Tax On Certain Built-in Gains.
290.9727 TAX ON CERTAIN BUILT-IN GAINS. Subdivision 1. Tax imposed. For an S corporation electing S corporation status pursuant to section 1362 of the Internal Revenue Code after December 31, 1986, and having a recognized built-in gain as defined in section 1374 of the Internal Revenue Code, there is imposed a tax on the taxable […]
Section 290.9728 — Tax On Capital Gains.
290.9728 TAX ON CAPITAL GAINS. Subdivision 1. Tax imposed. There is imposed a tax on the taxable income of an S corporation that has: (1) elected S corporation status pursuant to section 1362 of the Internal Revenue Code of 1986, as amended through December 31, 1986, before January 1, 1987; (2) a net capital gain […]
Section 290.9729 — Tax On Passive Investment Income.
290.9729 TAX ON PASSIVE INVESTMENT INCOME. Subdivision 1. Tax imposed. There is imposed a tax for the taxable year on the taxable income of an S corporation, if for the taxable year an S corporation has: (1) subchapter C earnings and profits at the close of such taxable year; and (2) gross receipts more than […]
Section 290.9741 — Election By Remic.
290.9741 ELECTION BY REMIC. An entity having a valid election as a Real Estate Mortgage Investment Conduit (REMIC) in effect under section 860D(b) of the Internal Revenue Code shall not be subject to the taxes imposed by this chapter except the tax imposed under section 290.92. History: 1987 c 268 art 1 s 118; 1988 […]
Section 290.9742 — Remic Income Taxable To Holders Of Interests.
290.9742 REMIC INCOME TAXABLE TO HOLDERS OF INTERESTS. The income of a REMIC is taxable to the holders of interests in the REMIC as provided in sections 860A to 860G of the Internal Revenue Code. The income of the holders must be computed under the provisions of this chapter. History: 1987 c 268 art 1 […]
Section 290.993 — Special Limited Adjustment.
290.993 SPECIAL LIMITED ADJUSTMENT. (a) For an individual, estate, or trust, or a partnership that elects to file a composite return under section 289A.08, subdivision 7, for taxable years beginning after December 31, 2017, and before January 1, 2019, the following special rules apply: (1) an individual income taxpayer may: (i) take the standard deduction; […]
Section 290.48 — Large Amounts Of Cash; Presumption Of Jeopardy.
290.48 LARGE AMOUNTS OF CASH; PRESUMPTION OF JEOPARDY. Subdivision 1. [Repealed, 1982 c 523 art 2 s 49] Subd. 2. [Repealed, 1982 c 523 art 2 s 49] Subd. 3. [Repealed, 2005 c 151 art 1 s 117] Subd. 4. [Repealed, 2005 c 151 art 1 s 117] Subd. 5. [Repealed, 1991 c 291 art […]