Michigan Laws 206.112 – Capital gains and losses
Current as of: 2024 | Check for updates
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(1) Capital gains and losses from sales or exchanges of real property located in this state are allocable to this state.
(2) Capital gains and losses from sales or exchanges of tangible personal property are allocable to this state if:
Terms Used In Michigan Laws 206.112
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(a) The property had a situs in this state at the time of the sale; or
(b) The taxpayer is a resident partnership, estate or trust or individual of this state or has a commercial domicile in this state and the taxpayer is not taxable in the state in which the property had a situs.
(3) Capital gains and losses from sales or exchanges of intangible personal property are allocable to this state if the taxpayer is a resident partnership, estate or trust or individual of this state or has a commercial domicile in this state.