Form 1120-PC for Detroit Michigan 2024-2025

Form 1120-PC for Detroit Michigan: What You Should Know

Relevant Section of the Code on Deductions for Individuals and Corporation. Use section 83 of the Code to: 1031. Short title. This chapter may be cited as the Domestic Corporation Income Tax Act of 2015. 1032. Definition. For the purposes of this chapter, a “domestic corporation” means any corporation duly organized under the laws of the United States, any State, territory, or possession of the United States, or the District of Columbia, whether under the rules or regulations of the Securities and Exchange Commission, and any association duly organized under the laws of anyone or more of those States, territories, or possessions for the purpose of doing business in any part of the United States and the District of Columbia, and any other like foreign corporation subject to a law of any State, territory, or possession of the United States, or a foreign corporation doing business in the United States whose principal place of business in the United States is located wholly within a State or political subdivision of a State, territory, or possession of the United States. (emphasis added) 1033. Exclusion of Domestic Corporation. Except as expressly provided by law, corporations are not liable for tax under this chapter on income from the sale or exchange, or under a contract of sale to the foreign corporation (other than a partnership or other passive enterprise income tax), of any property other than real property, including any interest of, or right to receive from or through, the foreign corporation in, or any contract of, business with, another domestic corporation and an interest in a partnership, joint venture, trust, or estate, or a partnership interest in a limited liability company. 1034. Exclusion of Foreign Corporation. Except as expressly provided by law, corporations are not liable for tax under this chapter on income from the sale or exchange (other than passive income tax, see 1032 above) of the following property: real property of a domestic corporation in which the corporate name appears as the owner or as a partner; certain farm or fishing property; agricultural land, including certain farm and certain fishing property; real estate, including any interest in real property, other than a contract of sale to the foreign corporation of property other than real property; a partnership interest in a limited liability company, including an interest in a partnership. 1035. Regulations.

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