Section 290.31 — Partnerships; Individual Liability Of Partners.
290.31 PARTNERSHIPS; INDIVIDUAL LIABILITY OF PARTNERS. Subdivision 1. Partners, not partnership, subject to tax. Except as provided under sections 289A.35, paragraph (b), and 289A.382, subdivision 3, a partnership as such shall not be subject to the income tax imposed by this chapter, but is subject to the tax imposed under section 290.0922. Persons carrying on […]
Section 290.311 — Partnership Gross Income.
290.311 PARTNERSHIP GROSS INCOME. Subdivision 1. Partners. (a) Partner’s modifications. In determining gross income and Minnesota taxable income of a partner, any modification described in sections 290.0131 to 290.0135, which relates to an item of partnership income, gain, loss or deduction shall be made in accordance with the partner’s distributive share, for federal income tax […]
Section 290.32 — Taxes For Part Of Year, Computation.
290.32 TAXES FOR PART OF YEAR, COMPUTATION. When under this chapter a taxpayer is permitted or required to make a return for a fractional part of a year, the tax shall be computed in the same manner as if such fractional part of a year were an entire year, except: (1) A taxpayer who is […]
Section 290.34 — Corporations, Special Provisions.
290.34 CORPORATIONS, SPECIAL PROVISIONS. Subdivision 1. Business conducted in such a way as to create losses or improper taxable net income. When any corporation liable to taxation under this chapter conducts its business in such a manner as, directly or indirectly, to benefit its members or stockholders or any person or corporation interested in such […]
Section 290.36 — Investment Companies; Report Of Net Income; Computation Of Amount Of Income Allocable To State.
290.36 INVESTMENT COMPANIES; REPORT OF NET INCOME; COMPUTATION OF AMOUNT OF INCOME ALLOCABLE TO STATE. The taxable net income of investment companies shall be computed as follows: Each investment company transacting business as such in this state shall report to the commissioner the net income returned by the company for the taxable year to the […]
Section 290.21 — Deductions Allowed To Corporations.
290.21 DEDUCTIONS ALLOWED TO CORPORATIONS. Subdivision 1. Scope and application. The following deductions shall be allowed only to corporations and shall be deductions from a corporation’s taxable net income. Subd. 2. [Repealed, 1980 c 607 art 9 s 2] Subd. 3. [Repealed, 1Sp2001 c 5 art 9 s 30] Subd. 3a. [Repealed, 1983 c 342 […]
Section 290.22 — Estates And Trusts, Imposition Of Tax.
290.22 ESTATES AND TRUSTS, IMPOSITION OF TAX. The taxes imposed by this chapter upon individuals shall apply to the income of estates or of any kind of property held in trust, including: (1) income accumulated in trust for the benefit of unborn or unascertained person or persons with contingent interests, and income accumulated or held […]
Section 290.26 — Exemption For Individual Retirement Account.
290.26 EXEMPTION FOR INDIVIDUAL RETIREMENT ACCOUNT. Subdivision 1. [Repealed, 1982 c 523 art 1 s 72] Subd. 2. [Repealed, 1987 c 268 art 1 s 127] Subd. 2a. [Repealed, 1983 c 15 s 33] Subd. 3. [Repealed, 1982 c 523 art 1 s 72] Subd. 4. [Repealed, 1981 c 178 s 119] Subd. 5. [Repealed, […]
Section 290.281 — Common Trust Fund.
290.281 COMMON TRUST FUND. Subdivision 1. Not taxed; defined. A common trust fund shall not be subject to taxation under this chapter and the definitions provided in and the provisions of section 584 of the Internal Revenue Code shall apply. Subd. 2. [Repealed, 1982 c 523 art 1 s 72] Subd. 3. [Repealed, 1982 c […]
Section 290.091 — Alternative Minimum Tax On Preference Items.
290.091 ALTERNATIVE MINIMUM TAX ON PREFERENCE ITEMS. Subdivision 1. Imposition of tax. In addition to all other taxes imposed by this chapter a tax is imposed on individuals, estates, and trusts equal to the excess (if any) of (a) an amount equal to 6.75 percent of alternative minimum taxable income after subtracting the exemption amount, […]