Louisiana Revised Statutes 47:287.91 – Determination of Louisiana net income or loss
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Terms Used In Louisiana Revised Statutes 47:287.91
- 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.
- Net allocable income or loss: means net allocable income or loss earned within or derived from sources within Louisiana and is the mathematical remainder when subtracting from Louisiana gross allocable income or loss:
(1) Allowable deductions within the meaning of La. See Louisiana Revised Statutes 47:287.701
- Net apportionable income or loss: means net apportionable income or loss earned within or derived from sources within Louisiana as computed pursuant to La. See Louisiana Revised Statutes 47:287.701
A. The Louisiana net income of a corporation is the sum produced by combining the net allocable income or loss as provided in La. Rev. Stat. 47:287.93 and the net apportionable income or loss as provided in La. Rev. Stat. 47:287.94 when the result is more than zero.
B. The Louisiana net loss of a corporation is the sum produced by combining the net allocable income or loss as provided in La. Rev. Stat. 47:287.93 and the net apportionable income or loss as provided in La. Rev. Stat. 47:287.94 when the result is less than zero.
Acts 1986, 1st Ex. Sess., No. 16, §1, eff. Dec. 24, 1986.