S corporation income definition

S corporation income means the net of an S corporation's items
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S corporation income means the net of an S corporation's items of income, loss or deduction taken into account by the shareholder in the manner provided in section 1366 of the federal Internal Revenue Code of 1986, 26 U.S.C. s.1366; provided however that:
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S corporation income means the net of an S corporation’s items of income, loss, or deduction[, and] determined without exclusion of items of income properly taxable or deduction of expenses or losses prohibited for [Gross Income Tax] gross income tax purposes.
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Examples of S corporation income in a sentence

  • The QSST must file a Wisconsin Form 2 to report its share of the tax-option (S) corporation income.

  • Your portion of the gain or loss derived from the disposition of property owned by a sole proprietorship, partnership, an estate or trust or, in general, an S corpo- ration is reportable as net profits from business on Line 17, distributive share of partnership income on Line 22, income from estates and trusts on Line 25, or net pro rata share of S corporation income on Line 23.

  • Line 5 – Other subtractionsAttach Form CT-225 to report any subtractions that apply to the items of New York S corporation income, loss, and deduction, and enter the total of these subtractions from Form CT-225, line 10.

  • The result is themodified Indiana S corporation income from Indiana sources to be reported on the appropriate lines of Schedule IN K-1 of nonresident individuals, trusts, and estates.

  • Since the State E and P account includes the federal AAA that existed prior to the change in State law taxing the S corporation income to the shareholders, federal adjusted gross income must be increased for any distributions from the federal AAA that existed prior to the law change.

  • The result is the modified Indiana S corporation income from Indiana sources to be reported on the appropriate lines of Schedule IN K-1 of nonresident individuals, trusts, and estates.

  • If you are a nonresident shareholder of an S corporation, enter your share of the income tax paid to North Carolina by an S corporation on your distributive share of the S corporation income.

  • Modify each required Schedule IN K-1 line entry by recalculating the pro rata share of total S corporation income with required Indiana modifications to adjusted gross income reported on line 1 of Form IT-20S.

  • Modify each required Schedule IN K-1 line entry by recalculating the pro rata share of total S corporation income with required Indiana modifications to adjusted gross income reported on line 1 of FormIT-20S.

  • The individual's pro rata share of S corporation income and deductions determined under subsection 3 of section 143.471; and (2) The portion of the modifications described in section 143.121 which relate to income derived from sources in this state, including any modifications attributable to him or her as a partner.

Related to S corporation income

  • S corporation means a person that has made an election under subchapter S of Chapter 1 of Subtitle A of the Internal Revenue Code for its taxable year.

  • Domestic Corporation means an entity that is treated as a corporation for United States federal income tax purposes and is a U.S. Tax Person.

  • Nonprofit corporation means a nonstock corporation organized under ch. 181 that is a nonprofit corporation, as defined in s. 181.0103 (17).

  • Gas Corporation means the body corporate established by section 4 of the Gas Corporation Act 1994;

  • Municipal corporation means, in general terms, a status conferred upon a local government unit, by state law giving the unit certain autonomous operating authority such as the power of taxation, power of eminent domain, police power and regulatory power, and includes a joint economic development district or joint economic development zone that levies an income tax under section 715.691, 715.70, 715.71, or 715.74 of the Ohio Revised Code.

  • MUNICIPAL TAXABLE INCOME means the following:

  • Foreign corporation means a corporation for profit incorporated under a law other than the law of this state.