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 […]
71.32 – Conformity.
71.32 Conformity. Unless specifically provided in this subchapter, tax-option corporations shall be subject to all of the provisions, requirements and liabilities of this chapter, so far as applicable, unless the context requires otherwise. History: 1987 a. 312.