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13 Cards in this Set
- Front
- Back
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UDITPA
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Uniform Division of Income for Tax Purposes
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The UDITPA formula
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(Sales factor + Payroll factor + Property factor) / 3 = State apportionment percentage
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nexus
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the degree of contact between a business and a state necessary to establish jurisdiction
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UDITPA:
sales factor |
the ratio of gross receipts from sales to in-state customers / total gross receipts from sales
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UDITPA:
payroll factor |
the ratio of compensation paid to employees working in-state / total compensation
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UDITPA:
property factor |
the ratio of the cost of real or tangible personal property located in-state / total cost of such property
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income tax treaty
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bilateral agreement between the governments of two countries defining and limiting each country's respective tax jurisdiction
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permanent establishment
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a fixed location, such as an office or factory, at which the firm carries on its regular commercial operations
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tax entities
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individuals and C corps
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ISO
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incentive stock option
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nonrefundable credits
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can reduce tax liability to zero but cannot create a refund
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refundable prepayments and credits
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can reduce tax liability below zero
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EIC
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earned income credit
-a welfare benefit administered through the tax system |
