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Statutes and Regulations R-6600 CorporationCorporation IncomeIncome andand FranchiseFranchise TaxesTaxes Statutes and Regulations April 2006 A publication of the Louisiana Department of Revenue Corporation Income and Franchise Tax Foreword This publication contains general information on the corporation income tax and the corporation franchise tax. It also contains the current text of laws and regulations about the Louisiana corpora- tion income tax and corporation franchise tax, as well as miscellaneous tax provisions that affect one or both of these corporation taxes. The statutes contained within this publication are current through the 2006 1st Extraordinary Session of the Louisiana Legislature. Listed after each statute is the pertinent regulation or rule that has been promulgated by this Department in accordance with the Administrative Procedures Act. The codified section numbers used for the regulations are those appearing in Title 61, Part I, of the Louisiana Administrative Code. If you have any questions or need additional information, please contact our Taxpayer Services Division at (225) 219-2114. Cynthia J. Bridges Secretary Louisiana Department of Revenue This publication contains selected statutes and regulations amended or enacted through the 2006 First Extraordinary Session of the Louisiana Legislature. This document is published as a convenience to provide tax information under the authority of RS 47:1509. It is not the official source of the Louisiana Revised Statutes or the Louisiana Administrative Code. i Corporation Income and Franchise Tax General Information Corporation Income Tax ..................................................................................................................................................................2 Corporation Franchise Tax................................................................................................................................................................3 Corporation Income Tax Statutes and Regulations SUBPART A INTRODUCTORY PROVISIONS, TAX LEVY, RATES OF TAX; CREDITS R.S. 47:287.2. Short Title......................................................................................................................................................6 R.S. 47:287.11. Tax Imposed ..................................................................................................................................................6 R.S. 47:287.12. Rates of tax....................................................................................................................................................6 SUBPART B COMPUTATION OF LOUISIANA TAXABLE INCOME R.S. 47:287.61. Gross Income Defined ..................................................................................................................................6 R.S. 47:287.63. Allowable Deductions Defined ....................................................................................................................6 R.S. 47:287.65. Net Income Defined ......................................................................................................................................6 R.S. 47:287.67. Louisiana Net Income Defined ....................................................................................................................6 R.S. 47:287.69. Louisiana Taxable Income Defined ..............................................................................................................7 R.S. 47:287.71. Modifications To Federal Gross Income ......................................................................................................7 LAC 61:I.1114. Modifications To Federal Gross Income ......................................................................................................7 R.S. 47:287.73. Modifications To Deductions From Gross Income Allowed By Federal Law............................................7 R.S. 47:287.75. Computation Of Net Income ........................................................................................................................8 R.S. 47:287.77. Computation of Louisiana Net Income Or Loss ..........................................................................................8 R.S. 47:287.79. Computation of Louisiana Taxable Income..................................................................................................8 R.S. 47:287.81. Items Not Deductible; Amounts Attributable To Income Not Taxed ..........................................................8 R.S. 47:287.83. Taxes Not Deductible....................................................................................................................................8 LAC 61:I.1122. Taxes Not Deductible....................................................................................................................................8 R.S. 47:287.85. Federal Income Tax Deduction ..................................................................................................................13 LAC 61:I.1123. Federal Income Tax Deduction ..................................................................................................................13 R.S. 47:287.86. Net Operating Loss Deduction ..................................................................................................................19 LAC 61:I.1124. Net Operating Loss Deduction ..................................................................................................................20 R.S. 47:287.91. Determination Of Louisiana Net Income Or Loss ....................................................................................20 R.S. 47:287.92. Segregation Of Items Of Gross Income ....................................................................................................21 R.S. 47:287.93. Computation Of Net Allocable Income From Louisiana Sources ............................................................21 LAC 61.I.1130. Computation of Net Allocable Income from Louisiana Sources ..............................................................22 R.S. 47:287.94. Computation of net apportionable income from Louisiana sources..........................................................30 LAC 61:I.1132. Computation of Net Apportionable Income from Louisiana Sources ......................................................32 R.S. 47:287.95. Determination of Louisiana Apportionment Percent..................................................................................34 LAC 61:I.1134. Determination of Louisiana Apportionment Percent..................................................................................38 SUBPART C ACCOUNTING PERIODS AND METHODS OF ACCOUNTING R.S. 47:287.441. Accounting Periods, Methods Of Accounting, And Adjustments..............................................................44 R.S. 47:287.442. Exceptions To Taxable Year Of Inclusion; Taxable Year Deductions Taken ............................................44 LAC 61:I.1137. Exemptions To Taxable Year Of Inclusion; Taxable Year Deductions Taken ..........................................45 R.S. 47:287.443. Effective Dates, Taxable Year, 52-53 Week Year ......................................................................................45 R.S. 47:287.444. Returns for a Period of less than Twelve Months, Special Tax Computation ..........................................46 R.S. 47:287.445. Special Adjustments For Long-Term Contracts ........................................................................................46 R.S. 47:287.480. Special Adjustments By The Secretary ......................................................................................................46 SUBPART D EXEMPT ORGANIZATIONS R.S. 47:287.501. Exemption From Tax On Corporations ......................................................................................................47 LAC 61:I.1140. Exemption from Tax On Corporations ......................................................................................................47 R.S. 47:287.521. Farmers’ Cooperatives; all Cooperatives....................................................................................................48 iii Corporation Income and Franchise Tax R.S. 47:287.526. Shipowners’ Protection and Indemnity Associations ................................................................................48 R.S. 47:287.527. Political Organizations ................................................................................................................................48 R.S. 47:287.528. Homeowners’ Associations ........................................................................................................................48 SUBPART E ADMINISTRATIVE PROVISIONS; RECORDS, RETURNS, DUE DATES, PAYMENT OF TAXES R.S. 47:287.601. Notice of Regulations Requiring Records, Statements and Special Returns ............................................49 LAC 61:I.1147. Notice of Regulations Requiring Records, Statements and Special Returns ............................................49 R.S. 47:287.611. General Requirement of Return, Statement, or List ..................................................................................49 R.S. 47:287.612. Corporation Returns ....................................................................................................................................49 LAC 61:I.1148. Corporation Returns ....................................................................................................................................49
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