States quickly modify apportionment provisions in reaction to changes in financial institutions industry.

From: The Tax Adviser | Date: November 1, 1997| Author: Boucher, Karen J. | Copyright information

Financial institutions who plan to expand or merge in various states must adapt their plans to the varying state treatments of apportionment of tax items, tax base, and tax rates which may differ from corporate treatment. The first step is to determine if the business is categorized in a particular state as a financial institution. Problems are mitigated in the 18 states which have adopted the Multistate Tax Commission's Uniform Method for Allocation and Apportionment of Net Income from Finan...

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