SALT & Pepper
Illinois’ Taxation and Apportionment of Partnership Income Earned by Corporate Partners
October 30, 2018
Authored by: Christopher Lutz
In:
State & Local Tax (SALT)Partnerships are not subject to the Illinois Income Tax. Instead, partners are taxed individually on their distributive shares from a partnership. For nonresident individual partners, only their pro rata share of the partnership’s income apportioned to Illinois is taxable. Corporate partners may be required to combine the partnership income and factors in their combined business income and factors if they are unitary with the partnership. However, it is always important to keep in mind that Illinois also imposes a Replacement Tax which is generally imposed at the entity level.
Read MoreThe Illinois Franchise Tax
October 09, 2018
Authored by: Christopher Lutz
In:
State & Local Tax (SALT)The Illinois Franchise Tax is a weird tax. It is imposed on the privilege of exercising a franchise in Illinois or, in the case of foreign corporations, for the authority to transact business in the state. It is administered by the Illinois Secretary of State, not the Department of Revenue, and is measured by paid-in capital. Knowing the ins and outs of the Franchise Tax is a must for any corporation doing business in the state.
Read MoreCanada Provides Helpful Guidelines When Mareva Injunction Can Be Granted Without Notice
October 08, 2018
Authored by: Eric (Rick) Rein
In:
International Asset RecoveryOntario's Divisional Court in 2092280 Ontario Inc. v. Voralto Group Inc., 2018 ONSC 2305, confirmed the requirements in obtaining an injunction on the dissipation of assets without notice.
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