If a corporation has elected to report income from the sale or other disposition of property on the installment method, and the entire income from the sale has not been reported before the year the corporation ceases to be subject to the tax imposed by this title, the corporation shall report the unreported income in the last year in which the corporation is subject to the tax. This section does not apply if the installment obligation is transferred pursuant to a reorganization to another taxpayer subject to tax under this title as the transferee, but capital losses of the transferee may not be used to offset income from the installment obligation transferred from a corporation which has ceased to be subject to the tax.

Terms Used In Arizona Laws 43-1158

  • Corporation: means a corporation, joint stock company, bank, insurance company, business trust or so-called "Massachusetts trust" investment company or building and loan association and any other association whether incorporated or unincorporated. See Arizona Laws 43-104
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Tax: means the taxes imposed under this title. See Arizona Laws 43-104
  • taxpayer: means a corporation. See Arizona Laws 43-1101
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