reglab/housing_qa huggingface dataset:
MI Comp L § 206.115 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.115 - Apportionment of Business Income; Exception; Calculation.

206.115 Apportionment of business income; exception; calculation.Sec. 115.  (1) Before January 1, 2012, all business income, other than income from transportation services, shall be apportioned to this state by multiplying the income by a fraction, the numerator of which is the property factor plus the payroll factor plus the sales factor, and the denominator of which is 3.  (2) After December 31, 2011, all business income, other than income from transportation services, shall be apportioned to this state by multiplying the income by the sales factor calculated under section 121. History: 1967, Act 281, Eff. Oct. 1, 1967 ;-- Am. 1975, Act 233, Imd. Eff. Aug. 27, 1975 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012 ;-- Am. 2011, Act 178, Eff. Jan. 1, 2012
MI Comp L § 206.116-206.120 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.116-206.120 - Repealed. 2011, Act 38, Eff. Jan. 1, 2012.

206.116-206.120 Repealed. 2011, Act 38, Eff. Jan. 1, 2012. Compiler's Notes: The repealed sections pertained to property factor, rental rate, average property value, determination of payroll factor, and determination of compensation paid in state.
MI Comp L § 206.121 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.121 - Sales Factor; Determination.

206.121 Sales factor; determination. Sec. 121.  The sales factor is a fraction, the numerator of which is the total sales of the taxpayer in this state during the tax period, and the denominator of which is the total sales of the taxpayer everywhere during the tax period. History: 1967, Act 281, Eff. Oct. 1, 1967
MI Comp L § 206.122 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.122 - Sales of Tangible Personalty Within Michigan.

206.122 Sales of tangible personalty within Michigan. Sec. 122.  Sales of tangible personal property are in this state if:  (a) The property is delivered or shipped to a purchaser, other than the United States government, within this state regardless of the f.o.b. point or other conditions of the sale; or  (b) The property is shipped from an office, store, warehouse, factory or other place of storage in this state and (i) the purchaser is the United States government or (ii) the taxpayer is not taxable in the state of the purchaser. History: 1967, Act 281, Eff. Oct. 1, 1967
MI Comp L § 206.123 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.123 - Sales Other Than Sales of Tangible Personalty Within State.

206.123 Sales other than sales of tangible personalty within state. Sec. 123.  Sales, other than sales of tangible personal property, are in this state if:  (a) The income-producing activity is performed in this state; or  (b) The income-producing activity is performed both in and outside this state and a greater proportion of the income-producing activity is performed in this state than outside this state, based on costs of performance. History: 1967, Act 281, Eff. Oct. 1, 1967
MI Comp L § 206.125 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.125 - Repealed. 1975, Act 233, Imd. Eff. Aug. 27, 1975.

206.125 Repealed. 1975, Act 233, Imd. Eff. Aug. 27, 1975. Compiler's Notes: The repealed section pertained to taxable income of domestic insurers.
MI Comp L § 206.131 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.131 - Transportation Services; Sections Applicable.

206.131 Transportation services; sections applicable. Sec. 131.  The taxable income of a taxpayer whose income-producing activities consist of transportation services rendered partly within and partly without the state shall be determined under the provisions of sections 132 to 134. History: 1967, Act 281, Eff. Oct. 1, 1967
MI Comp L § 206.132 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.132 - Transportation Other Than of Oil or Gas by Pipeline; Revenue Mile; Taxable Income.

206.132 Transportation other than of oil or gas by pipeline; revenue mile; taxable income.Sec. 132.  In the case of taxable income other than that derived from the transportation of oil or gas by pipeline, that portion of the net income of the taxpayer derived from transportation services wherever performed that the revenue miles of the taxpayer in Michigan bear to the revenue miles of the taxpayer everywhere. A revenue mile means the transportation for a consideration or 1 net ton in weight or 1 passenger the distance of 1 mile. The taxable income attributable to Michigan sources in the case of a taxpayer engaged in the transportation both of property and of individuals shall be that portion of the entire net income of the taxpayer which is equal to the average of his passenger miles and ton mile fractions, separately computed and individually weighted by the ratio of gross receipts from passenger transportation to total gross receipts from all transportation, and by the ratio of gross receipts from freight transportation to total gross receipts from all transportation, respectively. If it is shown to the satisfaction of the department that the foregoing information is not available or cannot be obtained without unreasonable expense to the taxpayer, the commissioner may use such other data which may be available and which in the opinion of the department will result in an equitable allocation of such receipts to this state. History: 1967, Act 281, Eff. Oct. 1, 1967 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012
MI Comp L § 206.133 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.133 - Transportation of Oil by Pipeline; Taxable Income.

206.133 Transportation of oil by pipeline; taxable income. Sec. 133.  In the case of taxable income derived from the transportation of oil by pipeline, that portion of the net income of the taxpayer derived from the pipeline transportation of oil everywhere that the barrel miles transported in Michigan bear to the barrel miles transported by the taxpayer everywhere. History: 1967, Act 281, Eff. Oct. 1, 1967
MI Comp L § 206.134 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.134 - Transportation of Gas by Pipeline; Taxable Income.

206.134 Transportation of gas by pipeline; taxable income. Sec. 134.  In the case of taxable income derived from the transportation of gas by pipeline, net income attributable to Michigan shall be that portion of the taxable income of the taxpayer derived from the pipeline transportation of gas everywhere that the thousand cubic feet miles transported in Michigan bear to the thousand cubic feet miles transported by the taxpayer everywhere. History: 1967, Act 281, Eff. Oct. 1, 1967
MI Comp L § 206.151 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.151 - Repealed. 1975, Act 233, Imd. Eff. Aug. 27, 1975.

206.151 Repealed. 1975, Act 233, Imd. Eff. Aug. 27, 1975. Compiler's Notes: The repealed section pertained to taxable income of financial organizations.
MI Comp L § 206.191 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.191 - Sales Not Exceeding $100,000; Taxable Income.

206.191 Sales not exceeding $100,000; taxable income. Sec. 191.  (1) If the taxpayer's only activities within this state consist of sales and do not include owning or renting real estate or tangible personal property and whose dollar volume of gross sales made during the tax year within the state is not in excess of $100,000.00 the taxpayer may elect for that year:  (a) To report and pay a tax on net income arrived at by multiplying total sales in this state for the taxable year by the ratio of net income from operations to total sales as reported on his federal income tax return for the same taxable year; or  (b) Report and pay a tax of 2/5 of 1% on total sales in this state, whichever method reflects the lesser tax liability.  (2) The election is not available for any taxable year for which a consolidated return is required. History: 1967, Act 281, Eff. Oct. 1, 1967
MI Comp L § 206.195 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-3 - Chapter 3 (206.101...206.195)|Section 206.195 - Alternative Methods of Allocation and Apportionment; Approval.

206.195 Alternative methods of allocation and apportionment; approval.Sec. 195.  (1) If the allocation and apportionment provisions of this part do not fairly represent the extent of the taxpayer's business activity in this state, the taxpayer may petition for or the department may require, in respect to all or any part of the taxpayer's business activity, if reasonable:  (a) Separate accounting;  (b) The inclusion of 1 or more additional factors which will fairly represent the taxpayer's business activity in this state.   (c) The employment of any other method to effectuate an equitable allocation and apportionment of the taxpayer's taxable income.  (2) An alternative method will be effective only with approval by the department. History: 1967, Act 281, Eff. Oct. 1, 1967 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012
MI Comp L § 206.201 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-4 - Chapter 4 (206.201... 206.221)|Section 206.201 - Exemption of Persons Exempt From Federal Income Tax; Exceptions.

206.201 Exemption of persons exempt from federal income tax; exceptions.Sec. 201.  (1) A person who is exempt from federal income tax pursuant to the provisions of the internal revenue code shall be exempt from the tax imposed by this part except the unrelated taxable business income of an exempt person as determined under the internal revenue code.  (2) Nothing in this section shall exempt a person from the withholding and information return provisions of this part. History: 1967, Act 281, Eff. Oct. 1, 1967 ;-- Am. 1969, Act 332, Imd. Eff. Nov. 4, 1969 ;-- Am. 1975, Act 233, Imd. Eff. Aug. 27, 1975 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012
MI Comp L § 206.211, 206.221 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-4 - Chapter 4 (206.201... 206.221)|Section 206.211, 206.221 - Repealed. 1975, Act 233, Imd. Eff. Aug. 27, 1975.

206.211, 206.221 Repealed. 1975, Act 233, Imd. Eff. Aug. 27, 1975. Compiler's Notes: The repealed sections pertained to exemptions for foreign or alien insurers and for nonresident financial institutions.
MI Comp L § 206.251 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.251 - Credit for Taxes Withheld; Election to Treat as Total Tax.

206.251 Credit for taxes withheld; election to treat as total tax.Sec. 251.  (1) The amount withheld under section 703 shall be allowed to the recipient of the compensation as a credit against the tax imposed on him or her by this part.  (2) The amount so withheld during any calendar year shall be allowed as a credit for the taxable year beginning in such calendar year. If more than 1 taxable year begins in a calendar year, such amount shall be allowed as a credit for the last taxable year so beginning. History: 1967, Act 281, Eff. Oct. 1, 1967 ;-- Am. 1969, Act 332, Imd. Eff. Nov. 4, 1969 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012 ;-- Am. 2011, Act 174, Eff. Jan. 1, 2012
MI Comp L § 206.252, 206.253 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.252, 206.253 - Repealed. 2011, Act 38, Eff. Jan. 1, 2012.

206.252, 206.253 Repealed. 2011, Act 38, Eff. Jan. 1, 2012. Compiler's Notes: The repealed sections pertained to Headlee amendment refund and tax credit relating to purchase and installation of qualified home improvement.
MI Comp L § 206.255 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.255 - Credit for Tax Imposed by Another State, District of Columbia, or Canadian Province; Allowance of Canadian Provincial Credit; Maximum Credit.

206.255 Credit for tax imposed by another state, District of Columbia, or Canadian province; allowance of Canadian provincial credit; maximum credit.Sec. 255.  (1) A resident individual or resident estate or trust is allowed a credit against the tax due under this part for the amount of an income tax imposed on the resident individual or resident estate or trust for the tax year by another state of the United States, a political subdivision of another state of the United States, the District of Columbia, or a Canadian province, on income derived from sources outside this state that is also subject to tax under this part or the amount determined under subsection (3), whichever is less. For purposes of the Canadian provincial credit, the credit is allowed for only that portion of the provincial tax not claimed as a credit for federal income tax purposes. It is presumed that the Canadian federal income tax is claimed first. The provincial tax claimed as a carryover deduction as provided in the internal revenue code is not allowed as a credit under this section.  (2) The Canadian provincial credit shall be allowed for the 1978 tax year and for each tax year after 1978.  (3) The credit under this section shall not exceed an amount determined by dividing income that is subject to taxation both in this state and in another jurisdiction by taxable income and then multiplying that result by the taxpayer's tax liability before any credits are deducted. History: 1967, Act 281, Eff. Oct. 1, 1967 ;-- Am. 1969, Act 332, Imd. Eff. Nov. 4, 1969 ;-- Am. 1978, Act 589, Imd. Eff. Jan. 4, 1979 ;-- Am. 1979, Act 30, Imd. Eff. June 14, 1979 ;-- Am. 1982, Act 515, Imd. Eff. Dec. 31, 1982 ;-- Am. 1987, Act 254, Imd. Eff. Dec. 28, 1987 ;-- Am. 1996, Act 484, Eff. Jan. 1, 1997 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012 Compiler's Notes: Section 2 of Act 515 of 1982 provides: “(1) Section 255 of this amendatory act shall be effective for the 1979 tax year and each tax year thereafter.(2) Section 301 of this amendatory act shall take effect for tax years beginning on or after January 1, 1983.(3) Section 520 of this amendatory act shall take effect for tax years beginning on or after January 1, 1981.”
MI Comp L § 206.256 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.256 - Tax Exemption in Other States by Nonresidents; Reciprocal Agreement.

206.256 Tax exemption in other states by nonresidents; reciprocal agreement.Sec. 256.  For a nonresident individual, estate, or trust, if the laws of the state of residence exempt a resident of this state from liability for the payment of income taxes on income earned for personal services performed in that state, the department may enter into a reciprocal agreement with that state to provide a similar tax exemption for that state's residents on income earned for personal services performed in this state. History: 1967, Act 281, Eff. Oct. 1, 1967 ;-- Am. 1969, Act 332, Imd. Eff. Nov. 4, 1969 ;-- Am. 1996, Act 484, Eff. Jan. 1, 1997 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012
MI Comp L § 206.257 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.257 - Repealed. 2011, Act 38, Eff. Jan. 1, 2012.

206.257 Repealed. 2011, Act 38, Eff. Jan. 1, 2012. Compiler's Notes: The repealed section pertained to tax credit for city income taxes.
MI Comp L § 206.258 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.258 - Repealed. 1975, Act 233, Imd. Eff. Aug. 27, 1975.

206.258 Repealed. 1975, Act 233, Imd. Eff. Aug. 27, 1975. Compiler's Notes: The repealed section pertained to credit for personal property taxes paid on inventories.
MI Comp L § 206.260, 206.261 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.260, 206.261 - Repealed. 2011, Act 38, Eff. Jan. 1, 2012.

206.260, 206.261 Repealed. 2011, Act 38, Eff. Jan. 1, 2012. Compiler's Notes: The repealed sections pertained to tax credit for certain charitable contributions and to certain community foundations.
MI Comp L § 206.262 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.262 - Repealed. 1996, Act 484, Eff. Jan. 1, 1997.

206.262 Repealed. 1996, Act 484, Eff. Jan. 1, 1997. Compiler's Notes: The repealed section pertained to tax credits for solar, wind, or water energy conversion devices.
MI Comp L § 206.263 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.263 - Repealed. 1996, Act 484, Eff. Jan. 1, 1996.

206.263 Repealed. 1996, Act 484, Eff. Jan. 1, 1996. Compiler's Notes: The repealed section pertained to agricultural products gleaned from agricultural property.
MI Comp L § 206.264 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.264 - Repealed. 2011, Act 38, Eff. Jan. 1, 2012.

206.264 Repealed. 2011, Act 38, Eff. Jan. 1, 2012. Compiler's Notes: The repealed section pertained to tax credit for contribution to medical care savings account.
MI Comp L § 206.265 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.265 - Credit Against Tax; Determining Amount; Eligibility; Limitation; Refund.

206.265 Credit against tax; determining amount; eligibility; limitation; refund.Sec. 265.  (1) For the 1989 tax year and each tax year after 1989, a taxpayer may credit against the tax imposed by this part for the tax year an amount equal to the tax paid in any prior tax year attributable to income received by the taxpayer in any prior tax year and repaid by the taxpayer during the tax year if the taxpayer is eligible for a deduction or credit against his or her federal tax liability pursuant to section 1341 of the internal revenue code based on the repayment for the tax year. A credit under this section for a tax year is allowed only if the repayment for which a deduction or credit was taken pursuant to section 1341 of the internal revenue code is not deducted in calculating the taxpayer's adjusted gross income for the tax year.  (2) If the credit allowed under this section exceeds the tax liability of the taxpayer for the tax year, that portion of the credit that exceeds the tax liability shall be refunded. History: Add. 1993, Act 128, Imd. Eff. July 22, 1993 ;-- Am. 1998, Act 19, Imd. Eff. Mar. 12, 1998 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012 Compiler's Notes: Enacting section 1 of Act 19 of 1998 provides:“This amendatory act is effective for tax years beginning after 1988.”
MI Comp L § 206.267-206.269 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.267-206.269 - Repealed. 2011, Act 38, Eff. Jan. 1, 2012.

206.267-206.269 Repealed. 2011, Act 38, Eff. Jan. 1, 2012. Compiler's Notes: The repealed sections pertained to tax credit after December 31, 2000, tax exemption for qualified adoption expenses, and tax credit for donated automobiles.
MI Comp L § 206.271 (2021)
2021 Michigan Compiled Laws|Chapter 206 - Income Tax Act of 1967|Act 281 of 1967 - Income Tax Act of 1967 (206.1 - 206.713)|281-1967-1 - Part 1 (206.1...206.532)|281-1967-1-5 - Chapter 5 (206.251...206.278)|Section 206.271 - Recomputation of Taxable Income by Excluding Proportional Gain or Loss on Disposition of Property.

206.271 Recomputation of taxable income by excluding proportional gain or loss on disposition of property.Sec. 271.  (1) A taxpayer subject to the tax levied by section 51 and whose income received after September 30, 1967 is increased or diminished by the disposition of property acquired before October 1, 1967, which is described in and subject to subchapter P of the internal revenue code, may elect to recompute taxable income by excluding therefrom the proportional gain or loss incurred before October 1, 1967. Taxpayers so electing shall be subject to a tax on taxable income thus recomputed at the rates imposed by this part. An election so made shall include all items of gains or losses realized during the taxable year.  (2) The proportion of gain or loss occurring after September 30, 1967, to total gain or loss is equal to the proportion the number of months after September 30, 1967, to date of disposition bears to the number of months from date of acquisition to date of disposition. History: 1967, Act 281, Eff. Oct. 1, 1967 ;-- Am. 1969, Act 332, Imd. Eff. Nov. 4, 1969 ;-- Am. 1975, Act 233, Imd. Eff. Aug. 27, 1975 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012