Income-producing activity definition
Income-producing activity means an activity directly performed by
Income-producing activity means, for each separate item of income, the transactions and activity directly engaged by the taxpayer for the ultimate purpose of obtaining profit or gain. For apportionment purposes, such activity does not include transactions and activities performed on behalf of a taxpayer, such as those conducted on the taxpayer’s behalf by an independent contractor. Income-producing activity includes, but is not limited to:
Income-producing activity means the transactions and activity directly engaged in by the LLC in the regular course of its trade or business for the ultimate purpose of earning gains or profits. “Income producing activity” applies to each separate item of income. “Income-producing activity” does not include transactions and activities performed on behalf of an LLC, such as those conducted by an independent contractor.
More Definitions of Income-producing activity
Income-producing activity means, for each separate item of income, the transactions and activity directly engaged by the taxpayer for the ultimate purpose of obtaining profit or gain. For apportionment purposes, such activity