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New York Business Corporation Law section 1104-a, the holders of 20 per cent of voting shares of a non-public corporation may request that the corporation be wound up on grounds of oppression. NY Bus Corp Law §1118 and Alaska Plastics, Inc. v. Coppock , 621 P.2d 270 (1980) the minority can sue to be bought out at a fair value, determined by ...
Mead sold Lexis, and Illinois maintained that Mead must pay them a proportionate capital-gains tax. [3] Illinois asserted that Mead and Lexis were integrated to the extent required for the "unitary business rule". [4] This rule allowed states to tax a proportionate share of the value generated by an interstate corporation. [5]
In 1950, the Committee promulgated its own Model Business Corporation Act. The Uniform Business Corporation Act was withdrawn by the Uniform Laws Commissioners in 1958. After that, the Committee continued to review and periodically revise the MBCA, and, in 1984, it published a complete revision.
Such tax is generally based on business income of the corporation apportioned to the state plus nonbusiness income only of resident corporations. Most state corporate income taxes are imposed at a flat rate and have a minimum amount of tax. Business taxable income in most states is defined, at least in part, by reference to federal taxable income.
Gross income of a corporation and business deductions are determined in much the same manner as for individuals. [23] All income of a corporation is subject to the same federal tax rate. However, corporations may reduce other federal taxable income by a net capital loss [24] and certain deductions are more limited. [25]
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As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
Some corporations choose not to have a descriptive element. In the name "Tiger Computers, Inc.", the word "Tiger" is the distinctive element; the word "Computers" is the descriptive element; and the "Inc." is the legal ending. The legal ending indicates that it is in fact a legal corporation and not just a business registration or partnership.