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Inheritance, Gift, Income, Excise Taxes MINNESOTA STATUTES 1965 2811 INCOME AND EXCISE TAXES Inheritance, Gift, Income, Excise Taxes CHAPTER 290 INCOME AND EXCISE TAXES Sec. Sec. 290.01 Definitions 290.30 Fiduciaries, duty to pay tax 290.02 Excise tax on corporations; imposition, 290.31 Partnerships; Individual liability of part­ measurement ners Income tax; Imposition, classes of taxpay­ 290.311 Partnership gross income ers 290.32 . Taxes for part of year, computation 290.04 Liability for tax 290.33 Taxable year extending into calendar years 290.05 Exempt individuals, organizations, estates, affected by different laws trusts 290.34 Corporations, special provisions 290.06 Rates of tax; credits against tax 290.35 Insurance companies; report of net income; 290.07 Net income; computation, accounting period computation of amount of income allocable 290.071 Income from United States bonds, long to state term projects, invention or artistic work, 290.36 Investment companies; report of net In­ back pay, bad debts, contract damages come; computation of amount of Income 290.072 Gross Income, divorce and separation pay­ allocable to state ments 290.361 National and state banks; Imposition of 290.073 Gross income, commodity credit loans excise tax, computation, surtax 290.075 Renegotiated war contracts 290.363 National and state bank excise tax, effec­ 290.076 Income from services of child, where in­ tive date cluded 290.37 Persons required to make returns 290.077 Income in respect of decedents 290.38 Joint returns of husband and wife 290.0781 Certain stock options 290.39 Return; form and filing 290.079 Interest on certain deferred payments 290.391 Amended returns 290.08 Exemptions from gross income 290.40 Annual return, exceptions 290.0801 Gross income, prizes and awards 290.41 Information returns 290.081 Income taxed in another state, credit 290.42 Filing returns, date 290.085 Gross income, dividends from state and na­ 290.43 Returns, where filed tional banks 290.44 Payment of tax, who must pay 290.09 Deductions from gross income 290.45 Payment of tax, time for 290.095 Net operating loss 290.46 Examination of returns; assessments, re­ 290.10 Non-deductible Items funds 290.11 Determination of income, inventories 290.47 Assessment; failure to file return, false or 290.12 Gain or loss on disposition of property, fraudulent return filed computation 290.48 Delinquent taxes, collection 290.13 Gain or loss on disposition of property, 290.49 Time limit on assessment, collection recognition 290.50 Overpayments, claims for refund 290.131 Distributions by corporations; effects on 290.51 Agreements recipients 290.52 Administration, enforcement 290.132 Distributions by corporations; effects on 290.53 Penalties, interest corporation 290.54 Tax a personal debt 290.133 Definitions, constructive ownership of stock 290.56 Examination of taxpayer's records; change 290.134 Corporate liquidations; effects on recipients in federal return 290.135 Corporate liquidations; effects on corpora­ 290.57 Examiners, appointment of tion 290.58 Examiners, powers of 290.136 Corporate organizations and reorganizations 290.59 Additional help 290.137 Insolvency reorganization 290.60 Expenses of administration 290.138 Carryovers 290.61 Publicity of returns, Information ,,\ 290.139 Basis and adjustments for certain years 290.62 Income tax school fund; distribution," 290.14 Gain or loss on disposition of property, 290.65 Members of armed forces, exemptions basis 290.66 Effective dates 290.15 Gain or loss on disposition of property, 290.68 Effective dates basis of property acquired before January 290.69 Effective date, certain sections 1, 1933 290.91 Destruction of returns 290.16 Depreciation, basis; gain or loss on disposi­ 290.92 Tax withheld at source upon wages tion of property, how taken into account 290.93 Declaration of estimated tax in computing net income 290.931 Declarations of estimated income tax by cor­ 290.17 Gross income, allocation to state porations 290.18 Taxable net income, adjusted gross income; 290.932 Time for filing declarations of estimated in­ computation come tax by corporations 290.19 Net income; allocation to state, methods 290.933 Installment payments of estimated income 290.20 Net income; allocation to state, petition tax by corporations for other methods 290.934 Failure by corporation to pay estimated in­ 290.21 Credits against taxable net Income come tax 290.22 Estates and trusts, imposition of tax 290.935 Payment on account 290.23 Estates and trusts; computation of net in­ 290.94 Credit for 1961 tax come, credits; deductions 290.95 Distribution 290.24 Estates or trusts, personal credit 290.96 Appropriation 290.25 Trusts; grantor treated as substantial own­ 290.97 Contracts with state; withholding er 290.971 Election of certain small business corpora­ 290.26 Employees' trust, annuity plans tions as to taxable status; definitions 290.27 Revocable trusts, income taxable to grantor 290.972 Election by small business corporation 290.28 Estate and trusts; Income for benefit of 290.973 Corporation taxable income taxed to share­ grantor, others treated as substantial own­ holders er, divorce and separation payments 290.974 Return of electing small business corpora­ 290.281 Common trust fund tion 290.29 Transferees, fiduciaries; liability, time 290.975 Classification of income limit, notice MINNESOTA STATUTES 1965 290.01 INCOME AND EXCISE TAXES 2812 290.01 DEFINITIONS. Subdivision 1. Words, terms, and phrases. Unless the language or context clearly indicates that a different meaning is intended, the following words, terms, and phrases, for the purposes of this chapter, shall be given the meanings subjoined to them. Subd. 2. Person. The term "person" includes individuals, fiduciaries, estates, and trusts, and partnerships not included in the definition of corporations and may, where the context requires, include corporations as herein denned. Subd. 3. Partnership. The term "partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this act, a trust or estate or a corporation; and the term "partner" includes a member in such a syndicate, group, pool, joint venture or organization. Subd. 4. Corporations. The term "corporation" shall include joint stock com­ panies and corporations existing under the laws of any state or country; partner­ ships, limited or otherwise, the organization of which is not interrupted by the death of a general partner or by a change in the ownership of his participating interest, and the management of which is centralized in one or more persons acting in a representative capacity; associations (other than ordinary partnerships) and common-law trusts organized or conducted for profit. Subd. 5. Domestic and foreign corporations. The term "domestic" when ap­ plied to a corporation means a corporation created or organized in Minnesota or under its laws; and the term "foreign" when thus applied means a corporation other than a domestic corporation. The existence of any domestic corporation shall be deemed the exercise by it of the privilege of existing as a corporation; the grant to any foreign corporation of the right to engage in transacting local business within this state shall be deemed the grant to it of the privilege of transacting such business within this state in corporate or organized form; and the transaction of the local business within this state by any foreign corporation shall be deemed the transaction of such business within this state in corporate or organized form. Subd. 6. Taxpayer. The term "taxpayer" means any person or corporation subject to a tax imposed by this chapter. Subd. 7. Resident The term "resident" means any individual domiciled in Minnesota and any other individual maintaining an abode therein during any por­ tion of the tax year who shall not, during the whole of such tax year, have been domiciled outside the state. Subd. 8. Fiduciary. The term "fiduciary" means a guardian, trustee, exec­ utor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person or corporation. Subd. 9. Taxable year. The term "taxable year" means the period for which the taxes levied by this chapter are imposed. It shall be a calendar year, a fiscal year, or, in cases where returns for a fractional part of a year are permitted or required, the period for which such return is made. Subd. 10. Fiscal year. The term "fiscal year" means an accounting period of 12 months ending on the last day of any month other than December. In the case of any taxpayer who has made the election provided by section 290.40(2), the term means the annual period (varying from 52 to 53 weeks) so elected. Subd. 11. Paid or incurred, paid or accrued, received, or received or accrued. The terms "paid or incurred" and "paid or accrued" shall be construed accord­ ing to the method of accounting upon the basis of which net income is com­ puted, for the purposes of the taxes imposed by this chapter; and the terms "received" and "received or accrued" shall be similarly construed. Subd. 12. Stock or share. The term "stock" or "share" means the interest of a member in a corporation however evidenced. Subd. 13. Stockholder or shareholder. The term "stockholder" or "shareholder" means the owner of any such "stock" or "share." Subd. 14. State or this state. The term "state" or "this state" means the state of Minnesota. Subd. 15. Includes. The term "includes" and its derivatives, when used in a definition contained in this chapter, shall not exclude other things otherwise within the meaning of the term defined. Subd. 16. Commissioner. The term "commissioner" means the commissioner of taxation of the state of Minnesota. MINNESOTA STATUTES 1965 2813 INCOME AND EXCISE TAXES 290.01 Subd. 17. Property.
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