What Is Meaning Of Unitary Business
More specifically a unitary business group is two or more persons that satisfy both a control test and one of two relationship tests. Supreme Court on the constitutionality of state corporate income taxes.
The concept of operational function simply recognizes that an asset can be part of a taxpayers unitary business even if what we may term a unitary relationship does not exist between the payor and the payee.
What is meaning of unitary business. It is characterized by unity of ownership functional integration centralization of management and economies of scale. Unitary business means a single economic enterprise that is made up either of separate parts of a single business entity or of a group of business entities under common ownership that are sufficiently interdependent integrated and interrelated through their activities so as to provide a. While the regulation and requirements vary greatly among states some generalities may.
Having the character of a single thing that is a constituent of a whole specifically. Under the unitary method as applied by California all of the elements comprising a single trade or. A Are in the same general line of business such as.
Unitary business means a single economic enterprise that is made up either of separate parts of a single business entity or of a group of business entities under common ownership that are sufficiently interdependent integrated and interrelated through their activities so as to provide a synergy and mutual benefit that produces a sharing or exchange of value among them and a significant flow of. Definition of a Unitary Business Portfolio 1110 This Portfolio examines the unitary business concept and its importance to the application of formulary apportionment and to the resolution of the business- non-business income issue. The term can be applied within a single legal entity or between multiple entities and without regard to whether each.
Business are viewed as a whole or unit hence the term unitary The business income from all activities of a unitary business is combined into a single report whether such activities are conducted. A unitary business group is a group of two or more persons that are corporations insurance companies or financial institutions that satisfy both a control test and one of two relationship tests. Underlying the tests is the notion that a unitary business exists when separate accounting can not satisfactorily isolate the.
Unitary business refers to business activities or operations which are of mutual benefit dependent upon or contributory to one another individually or as a group. A unitary group is a group of business entities or separate parts of a single entity that are united by more than 50 percent direct or indirect common ownership and engaged in a unitary business enterprise in which members share or exchange value ORS 317A100 19. Generally a unitary business group is a group of related persons whose business activities or operations are interdependent.
Based on or characterized by one or more units. This paper employs economic analysis to frame a three part test of whether a unitary business exists. Unitary business means a single economic enterprise that is made up either of separate parts of a single business entity or of a commonly owned or controlled group of business entities that are sufficiently interdependent integrated and interrelated through their activities so as to provide synergy and mutual benefit that pro- duces a sharing or exchange of value among them and a significant flow of value to.
The definition of a unitary business has figured prominently in several recent decisions of the US. In England a town or city or large area that is responsible for all the functions of local. The unitary state income tax is a means by which certain states regulate the collection of income in the form of taxes from companies that do interstate commerce or file consolidated tax returns.
Of relating to or being a business with subsidiaries in other states or nations that has its state income tax figured by including the subsidiaries income determining the portion of that income attributable to activities within the state and taxing that percentage a unitary business operating throughout the US. Of or relating to a unit. This definition became effective for tax years ending on or after December 31 1982.
6 Unitary business--A single economic enterprise that is made up of separate parts of a single entity or of a commonly controlled group of entities that are sufficiently interdependent integrated and interrelated through their activities so as to provide a synergy and mutual benefit that produces a sharing or exchange of value among them and a significant flow of value to the separate parts. Unitary synonyms unitary pronunciation unitary translation English dictionary definition of unitary. Having the nature of a unit.
Unitary business Unitary business may include but is not limited to a business enterprise the activities of which. Section 1009700 Unitary Business Group Defined IITA Section 1501 a Scope This Section is designed to clarify the meaning of IITA Section 1501a27 defining unitary business group.
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