Any member of a unitary group that is required or permitted to use an apportionment formula other than one prescribed by section 77-2734.05 shall be included in a return only with other corporations using the same apportionment formula. The income and the factors of such corporation shall not be used in computing the taxable income of the rest of the unitary group that does not use such special formula. A corporation using a formula required by a regulation issued pursuant to subsection (3) of section 77-2734.15 is using a formula prescribed by section 77-2734.05.

Terms Used In Nebraska Statutes 77-2734.09

  • 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.
  • Corporation: means all corporations and all other entities that are taxed as corporations under the Internal Revenue Code. See Nebraska Statutes 77-2734.04
  • Taxable income: means federal taxable income as adjusted and, if appropriate, as apportioned. See Nebraska Statutes 77-2734.04
  • Unitary group: means the group of corporations that are conducting a unitary business. See Nebraska Statutes 77-2734.04
  • Use: means the exercise of any right or power over property incident to the ownership or possession of that property, except that use does not include the sale of that property in the regular course of business or the exercise of any right or power over property which will enter into or become an ingredient or component part of property manufactured, processed, or fabricated for ultimate sale at retail. See Nebraska Statutes 77-2701.42
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