Maine Revised Statutes Title 36 Sec. 5162 – Tax not applicable
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1. Associations taxable as corporations. An association, trust or other unincorporated organization which is taxable as a corporation for federal income tax purposes shall not be subject to tax under this chapter.
[P&SL 1969, c. 154, §F1 (NEW).]
Terms Used In Maine Revised Statutes Title 36 Sec. 5162
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
2. Exempt associations, trusts and organizations. An association, trust, or other unincorporated organization which by reason of its purposes or activities is exempt from federal income tax shall be exempt from the tax imposed by this Part except with respect to its unrelated business taxable income.
[P&SL 1969, c. 154, §F1 (NEW).]
SECTION HISTORY
P&SL 1969, c. 154, §F1 (NEW).