corporate franchise as a basis of taxation
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corporate franchise as a basis of taxation

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Published by The University of Texas press in Austin .
Written in English



  • United States.


  • Corporations -- Taxation -- United States.

Book details:

Edition Notes

Bibliography: p. 251-264.

Statement[by] Richard W. Lindholm.
LC ClassificationsHD2753.U6 L5
The Physical Object
Paginationxviii, p., 21., [3]-276 p.
Number of Pages276
ID Numbers
Open LibraryOL6492318M
LC Control Number45037102

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“double taxation” of profits— once at the corporate level and then again on distribution to shareholders— is a hallmark of the corporate tax regime. Example X Corporation is owned equally by Abby and Ben, unrelated individuals. They each have a basis of $ in their X Corporation stock. Corporate excise can apply to both domestic and foreign corporations. Learn if your corporation has nexus in Massachusetts and how to calculate corporate excise tax. Other helpful pages include information on exemptions, filing methods and making estimated payments. A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of or capital held by the entity. The franchise tax effectively charges corporations for the privilege of doing. Franchise tax is a tax levied at the state level against businesses and partnerships chartered within that state. In some states, companies with operations in that state may also be liable for the.

chapters of this Reference Book for a more thorough explanation of the terms and given a basis of its fair market value on the date of inheritance. Property acquired by gift generally has CORPORATE FRANCHISE A tax imposed upon a corporation's right to do: . CHAPTER 5 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES SUBCHAPTER 5A - DIVISIONAL RULES 17 NCAC 05B BASIS FOR TAXATION 17 NCAC 05B DUE DATE OF THE REPORT AND TAX book value (original purchase price less reserve for depreciation permitted for income tax purposes). The development of the existing structure of state corporate franchise taxation has its roots in the property tax. The earliest form of general corporation tax in this country, the corporate excess tax, was not a special determined on a book value basis. All States Tax . CORPORATE FRANCHISE TAX Despite the merits of the unitary concept of taxation, per-haps no single area of state taxation has caused more conflict between the international business community and state tax-ing authorities than California's inclusion of foreign income in the apportionment formula.' Enforced on a worldwide basis,Cited by: 1.

The franchise tax on financial institutions is discussed in Chapter 11 of this book. Ohio corporations pay an additional “litter tax” in two tiers, although the second tier is paid only by “litter stream” companies. These are some of the most important features of the corporate franchise tax: • Relative Jorge Martinez-Vazquez, Martin Grace. Franchise Taxes and Corporate Net Income Taxes in the Changing Electric Industry Electric’s taxable income is different from the income that it shows in its annual or quarterly report for book purposes. State B figures its corporate franchise tax partly on the basis of a taxpayer’s net worth—or, essentially, the market value of its. Oct 19,  · NOTICE: The information included on this website is to be used only as a guide in the preparation of a North Carolina corporate income and franchise tax return. It is not intended to cover all provisions of the law or every taxpayer's specific circumstances. Taxpayers' Bill of Rights. Corporate Franchise Tax: Everything You Need to Know. A corporate franchise tax is a tax imposed by a state on corporations, LLCs, and partnerships for doing business or incorporating their business in that state. 10 min read.