Any unit agreement approved by the commission shall contain language suggested by the internal revenue service under I.T. 3930 and I.T. 3948 so that owners in the unitized area will not be held taxable as a corporation.

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Terms Used In Arizona Laws 27-538

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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