Maine Revised Statutes Title 36 Sec. 5206-G – Combined reports
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Terms Used In Maine Revised Statutes Title 36 Sec. 5206-G
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Maine net income: means , for any taxable year, a financial institution's net income or loss per books required to be reported pursuant to the laws of the United States on Internal Revenue Service Form 1120, 1120S, 1065 or any other Internal Revenue Service form used to report net income or loss per books or, in the case of an entity with a single owner that may be disregarded as an entity separate from its owner pursuant to Internal Revenue Service regulations, the financial institution's net income or loss per books determined as if the entity were required to file Internal Revenue Service Form 1065, and apportioned to this State under Maine Revised Statutes Title 36 Sec. 5206-D
- Return: means any document, digital file or electronic data transmission containing information required by this Title to be reported to the State Tax Assessor. See Maine Revised Statutes Title 36 Sec. 111
- 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
- Unitary business: means a business activity that is characterized by unity of ownership, functional integration, centralization of management and economies of scale. See Maine Revised Statutes Title 36 Sec. 5206-D
The combined report required by section 5220, subsection 6 must include, both in the aggregate and by entity, a list of the net income or loss per books, the property, payroll and receipts in Maine and everywhere as defined in this chapter and the Maine net income of the unitary business. Neither the income nor the property, payroll and receipts of an entity that is not required to file a federal income tax return or whose income is not subject to federal income tax as income to its direct or indirect owners may be included in the combined report. [PL 1997, c. 746, §19 (NEW); PL 1997, c. 746, §24 (AFF).]
In determining Maine assets or Maine net income for purposes of filing a combined report, intercompany eliminations must be made as necessary to avoid the duplication of income or assets. [PL 1997, c. 746, §19 (NEW); PL 1997, c. 746, §24 (AFF).]
SECTION HISTORY
PL 1997, c. 746, §19 (NEW). PL 1997, c. 746, §24 (AFF).