The Great Tax Breakup
This term describes when a state uses the federal Internal Revenue Code as the starting point for calculating state taxable income.
What is conformity?
From air bags to engine parts to appliances to carpet and clothing, our ingredients make life better in countless ways.
Who is Invista?
KS&T's sales factor should include gross receipts from the sale of commodity derivatives.
What is the Gross position?
This mod allows taxpayers to claim depreciation of business or income-producing property at a higher percentage the first year the property is in service.
What is the state tax bonus depreciation deduction?
When a state chooses not to follow certain federal tax provisions, it is said to do this.
What is decoupling?
We provide global transportation, logistics and cutting-edge technology solutions that help our customers succeed in delivering life’s essential goods to people and industry all over the world.
Who is KBX?
Sales from an entity’s operating company are sourced to the location of the facility.
What is the facility-based sourcing position?
Prevents double taxation by fairly dividing income among states.
What is apportionment?
When the IRC changes, the state tax base generally changes as well. Name the conformity that is generally automatic.
What is “Rolling” conformity?
Our products innovative fertilizer and ingredient products help global agricultural customers boost crops yields.
Who is Koch Ag & Energy Solutions?
Koch qualifies as a manufacturer for NY purposes. Accordingly, Koch qualifies for 0% NY income tax rate.
What is the Manufacturing position?
A deduction for foreign, state, or local income, franchise, or capital taxes and they must be added back to federal taxable income in computing the state taxable income.
What is the State Tax Addback mod?
List one common area of federal-state conformity variances.
Bonus, 174 R&D, 163(j) Bus Int, GILTI, FDII, 245A, etc.
Our solutions in mass and heat transfer, combustion and emissions controls, come with deep expertise in the industrial domain.
Who is Koch Engineered Solutions?
Koch Methanol St. James, LLC's intercompany sales of methanol to Koch Methanol, LLC (the KAES methanol marketing entity) should be sourced to the location of the ultimate third-party customer of Koch Methanol, LLC (and not to LA, the location of the methanol facility).
What is Look Through Sourcing position?
Allows a subtraction from federal taxable income for 100% of foreign gross-up dividends. This only applies if the state starts with FTI from line 28.
What is the Gross-Up for Foreign Taxes Deemed Paid under Section 78?
This 2017 federal law led many states to reconsider their conformity due to major changes in deductions and corporate tax rules.
What is the Tax Cuts and Jobs Act (TCJA)?
We seek investments and acquisitions that improve Koch Capabilities and contribute to society by creating long-term value.
Who is Koch Investments Group?
Income from KIG's investments in non-unitary partnerships should be subtracted from federal taxable income in IL.
What is the Non-Unitary Income position?
Many states limit the deduction of business interest expenses paid or incurred for tax years beginning after 2017.
What is the business interest limitation under 163(j)?