Idaho Administrative Code › Title IDAPA 35 - Tax Commission, State › Rule 35.01.01 - INCOME TAX ADMINISTRATIVE RULES › Section 35.01.01.582 - SPECIAL RULES: FINANCIAL INSTITUTIONS

Current through August 31, 2023
Section
				63-3027(s), Idaho
				Code
01.
Adoption of MTC
			 Recommended Formula for the Apportionment and Allocation of Net Income of
			 Financial Institutions
. This rule incorporates by reference the MTC
			 "Recommended Formula for the Apportionment and Allocation of Net Income of
			 Financial Institutions" as adopted in Subsection
			 003.02 of these rules. A copy of
			 this regulation may be obtained from the main office of the Idaho State Tax
			 Commission. (4-6-23)
02.
Definition of Financial Institution
. "Financial institution"
			 means: (4-6-23)
a. Any corporation or other
			 business entity registered under state law as a bank holding company or
			 registered under the Federal Bank Holding Company Act of 1956, as amended, or
			 registered as a savings and loan holding company under the Federal National
			 Housing Act, as amended; (4-6-23)
b. A national bank organized and existing as
			 a national bank association pursuant to the provisions of the National Bank
			 Act, Title 12, Sections
			 21 et seq., United States Code;
			 (4-6-23)
c. A savings association
			 or federal savings bank as defined in the Federal Deposit Insurance Act, Title
			 12, Section 1813(b)(1),
			 United States Code; (4-6-23)
d. Any
			 bank or thrift institution incorporated or organized under the laws of any
			 state; (4-6-23)
e. Any corporation
			 organized under the provisions of Title 12, Sections
			 611 to
			 631, United States Code;
			 (4-6-23)
f. Any agency or branch of
			 a foreign depository as defined in Title 12, Section
			 3101, United States Code;
			 (4-6-23)
g. A production credit
			 association organized under the Federal Farm Credit Act of 1933, all of whose
			 stock held by the Federal Production Credit Corporation has been retired;
			 (4-6-23)
h. Any corporation or
			 other business entity that is more than fifty percent (50%) owned, directly or
			 indirectly, by any person or business entity described in Paragraphs 582.02.a.
			 through 582.02.g. (4-6-23)
i. A
			 corporation or other business entity that, in the current tax year and
			 immediately preceding two (2) tax years, derived more than fifty percent (50%)
			 of its total gross income for financial accounting purposes from finance
			 leases. For purposes of this subsection, a finance lease means any lease
			 transaction which is the functional equivalent of an extension of credit and
			 that transfers substantially all of the benefits and risks incident to the
			 ownership of property. This includes any direct financing lease or leverage
			 lease that meets the criteria of Financial Accounting Standards Board Statement
			 No. 13, Accounting for Leases or any other lease that is accounted for as a
			 financing lease by a lessor under generally accepted accounting principles.
			 (4-6-23)
j. Any corporation or
			 business entity that derives more than fifty percent (50%) of its gross income
			 from activities that a person described in Paragraphs 582.02.a. through
			 582.02.g. and 582.02.i. of this rule is authorized to transact. For purposes of
			 this subsection, the computation of gross income does not include income from
			 non-recurring, extraordinary items. (4-6-23)