71.365 – General provisions.
71.365 General provisions. (1) Adjusted basis of shareholders’ stock in tax-option corporation. (a) For purposes of this chapter, the adjusted basis of a shareholder in the stock and indebtedness of a tax-option corporation shall be determined in the manner prescribed by the internal revenue code for a shareholder of an S corporation, except that the […]
71.33 – Intent.
71.33 Intent. It is the intent of this subchapter and other subchapters relating to the treatment of tax-option corporations and their shareholders to prevent the double inclusion or omission of any item of income, deduction or basis. History: 1987 a. 312.
71.34 – Definitions.
71.34 Definitions. In this subchapter: (1am) “Aggregate effective tax rate” means the sum of the effective tax rates imposed by a state, U.S. possession, foreign country, or any combination thereof, on the person or entity. (1b) “Effective tax rate” means the maximum tax rate imposed by the state, U.S. possession, or foreign country, multiplied by […]
71.35 – Imposition of additional tax on tax-option corporations.
71.35 Imposition of additional tax on tax-option corporations. In addition to the other taxes imposed under this chapter, there is imposed on every tax-option corporation, except a corporation that qualifies for the exception under section 1374 (c) (1) of the internal revenue code and that has not elected to change from tax-option status under s. […]
71.36 – Tax-option items.
71.36 Tax-option items. (1) It is the intent of this section that shareholders of tax-option corporations include in their Wisconsin adjusted gross income their proportionate share of the corporation’s tax-option items unless the corporation elects under s. 71.365 (4) (a) not to be a tax-option corporation or elects under s. 71.365 (4m) (a) to be […]
71.362 – Situs of income.
71.362 Situs of income. (1) All tax-option items of nonresident individuals, nonresident estates and nonresident trusts derived from a tax-option corporation not requiring apportionment under sub. (2) shall follow the situs of the business of the corporation from which they are derived, except that all income that is realized from the sale of or purchase […]
71.275 – Rate changes.
71.275 Rate changes. If a rate under s. 71.27 changes during a taxable year, the taxpayer shall compute the tax for that taxable year by the methods applicable to the federal income tax under section 15 of the internal revenue code. History: 1989 a. 31.
71.28 – Credits.
71.28 Credits. (1) Community development finance credit. (a) Any corporation which contributes an amount to the community development finance authority under s. 233.03, 1985 stats., or to the housing and economic development authority under s. 234.03 (32) and, in the same year, purchases common stock or partnership interests of the community development finance company issued […]
71.29 – Payments of estimated taxes.
71.29 Payments of estimated taxes. (1) Definitions. In this section: (a) “Return” means a return that would show the tax properly due. (b) “Tax shown on the return” and “tax for the taxable year” mean the net taxes imposed under s. 71.23 (1) or (2) after reduction for credits against those taxes but before reduction […]
71.30 – General provisions.
71.30 General provisions. (1) Accounting method. (a) A corporation shall use a method of accounting authorized under the internal revenue code and shall use the same method used for federal income tax purposes if that method is authorized under the internal revenue code. (b) A corporation that changes its method of accounting while subject to […]