Research the following information for the state of GA. a) To what extent does e

Question

Research the following information for the state of GA.

a) To what extent does each state follow the rulings of the Multistate Tax Commission?

b) Does the state adopt pertinent changes to the Internal Revenue code? If so, as of what date?

c) What is the highest income tax rate for corporations?

d) Is the tax effectiveness of a passive investment company limited in some way? Has the state adopted the Geoffrey approach to the taxation of income from intangibles? Explain.

e) Does the state apply entity-level income taxes for S corporations, partnerships, and LLCs? If so, what are the terms of those taxes?

f) Does the state levy a “minimum tax” or “alternative minimum tax”? If so, what are the terms and rates for the tax?

Explanation / Answer

a. Multistate Tax Commission is an advisory committee.

It has a recommendatory effect on it's member states.

Where two or more party states have similar provisions of law regarding Income tax, Gross receipts etc., the committee may adopt uniform regulations, including prescribing uniform tax forms.

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