Business inventories held for sale or exchange by merchants subject to
the business gross receipts tax, are not assessable.
Not exact matches
The state initially charged a
gross receipts tax, which the study found led to inefficient vertical integration among many
businesses.
GRT repeal: The new
tax cuts will include the repeal of the state's
gross receipts tax (GRT) on energy for
businesses.
Moving forward, certain small
businesses ($ 50 million or less in
gross receipts) can claim the credit directly against any alternative minimum
tax (AMT) they are liable for.
He represents large publicly traded and privately held
businesses in controversies and transactional matters involving multi-state corporate income / franchise
taxes,
gross receipts taxes, sales and use
taxes and other
business privilege
taxes.
John A. Biek, co-chair of Neal Gerber Eisenberg's Taxation practice group, represents large publicly traded and privately held
businesses in controversies, transactional matters and
tax planning involving multi-state corporate income / franchise
taxes,
gross receipts taxes, sales and use
taxes, and other
business privilege
taxes.
Tim routinely advises financial institutions, technology service providers and retailers and manufacturers on sales and use, income and franchise
taxes, and key related issues including apportionment, nexus,
gross receipts,
business and nonbusiness income, penalties, deductions and credits.