Unitary Tax Developments

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Sunday, September 1, 1985
Author: 
Bruce Zagaris
Volume: 
1
Issue: 
1
Abstract: 
On July 8, 1985, the Treasury released its draft unitary tax legislation with technical explanation.  New section 6039A would require that a "reporting corporation" file an information return with the IRS.  The information return would include the reporting corporation's income tax liability in each state, and would require the reporting corporation to disclose the name of each corporation in which it or any corporation owning 50% or more of its voting stock owns a 20% or greater interest and any other information required to be reported under regulations promulgated by the Secretary.