Kansas Statutes 17-7501. Definitions
Terms Used In Kansas Statutes 17-7501
- Articles of incorporation: means the original articles of incorporation filed to create a corporation, but such term also includes the charter, articles of association and any other instrument by whatever name known under which a corporation has been or may be lawfully formed. See Kansas Statutes 17-7501
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, evidences of debt and things in action, and digital assets as defined in the revised uniform fiduciary access to digital assets act, Kan. See Kansas Statutes 77-201
- Property: includes personal and real property. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Tax period: means a corporation's taxable year under the Kansas income tax act. See Kansas Statutes 17-7501
As used in this act:
(a) “Domestic corporation” means any corporation organized under the laws of this state, irrespective of whether such corporation is organized for profit.
(b) “Foreign corporation” means any corporation organized under the laws of any jurisdiction other than this state.
(c) “Articles of incorporation” means the original articles of incorporation filed to create a corporation, but such term also includes the charter, articles of association and any other instrument by whatever name known under which a corporation has been or may be lawfully formed.
(d) “Shareholder’s equity” means the sum of: (1) Paid-in capital stock, except that paid-in capital stock shall not include any capital stock issued by a corporation and reacquired by such corporation through gift, purchase or otherwise and available for resale or retirement; (2) capital paid in, in excess of par; and (3) retained earnings, except that any moneys which have been allocated and are payable to the members of any corporation which is organized as a cooperative association or society shall not be included as part of the retained earnings of such corporation for the purpose of this act.
(e) “Shareholder’s equity attributable to Kansas” means the shareholder’s equity of a corporation multiplied by a percentage which is the average of the following three percentages: (1) The average value of the corporation’s real and tangible personal property owned or rented and used in this state during the next preceding tax period divided by the average total value of the corporation’s real and tangible personal property owned or rented and used during the next preceding tax period; (2) the total amount of compensation paid by the corporation in this state during the next preceding tax period divided by the total amount of compensation paid everywhere by the corporation during the next preceding tax period; and (3) the total sales of the corporation in this state during the next preceding tax period divided by the total sales of the corporation everywhere during the next preceding tax period. If a corporation has no property or activity mentioned in one of the above factors, the appropriate percentage for that factor is 100%.
(f) “Tax period” means a corporation’s taxable year under the Kansas income tax act.