(Download) "Madison Park Bank v. Zagel" by Supreme Court of Illinois " Book PDF Kindle ePub Free
eBook details
- Title: Madison Park Bank v. Zagel
- Author : Supreme Court of Illinois
- Release Date : January 01, 1982
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
The substantive issue in this case is whether a corporation with losses for Federal income tax purposes, but positive income from sources subject to the State but not the Federal tax, may offset those losses on its Illinois income tax return against the positive State income. For the reason explained below, we do not decide that issue. Section 201(a) of the Illinois Income Tax Act (Ill. Rev. Stat. 1973, ch. 120, par. 2-201(a)) imposes a tax on net income. Net income is defined in section 202(a) (Ill. Rev. Stat. 1973, ch. 120, par. 2-202(a)) as that portion of [taxpayer's] base income for [the] year which is allocable to this State [rather than to other states], minus a standard exemption which is defined in section 204 (Ill. Rev. Stat. 1973, ch. 120, par. 2-204). Base income, in turn, is defined for corporations by section 203(b) (Ill. Rev. Stat. 1973, ch. 120, par. 2-203(b)) as the taxpayer's taxable income for the taxable year plus several items, including interest * * * to the extent excluded from * * * the computation of taxable income (Ill. Rev. Stat. 1973, ch. 120, par. 2-203(b)(2)(A)), minus several other items including [a]n amount equal to all amounts included in [taxable income] * * * which are exempt from taxation by this State either by reason of its Constitution or by reason of the Constitution, treaties or statutes of the United States (Ill. Rev. Stat. 1973, ch. 120, par. 2-203(b)(2)(F)). Taxable income is defined by the Illinois Income Tax Act as the amount of * * * taxable income properly reportable for federal income tax purposes for the taxable year under the provisions of the Internal Revenue Code. (Ill. Rev. Stat. 1973, ch. 120, par. 2-203(d)(1).) Thus for purposes of the Illinois income tax, taxable income does not mean income taxable by the State at all, but rather income taxable under the Federal income tax. It is in terms of this concept that net income, the income on which Illinois levies its tax, is in part defined.
 "Madison Park Bank v. Zagel" by Supreme Court of Illinois " Book PDF Kindle ePub Free){kind=link}