Book-profit computation amended to apply a threshold floor and two-tier percentage allocation for corporate tax purposes. The amendment prescribes a two-tier allocation for computing allowable amounts under clause (b)(v) of section 40: a threshold floor - being the greater of a specified fixed floor, a loss floor, or a high-percentage floor of book-profit - applied first, and a lower fixed percentage applied to the balance of book-profit. The change is effective from the statute's fiscal commencement date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Book-profit computation amended to apply a threshold floor and two-tier percentage allocation for corporate tax purposes.
The amendment prescribes a two-tier allocation for computing allowable amounts under clause (b)(v) of section 40: a threshold floor - being the greater of a specified fixed floor, a loss floor, or a high-percentage floor of book-profit - applied first, and a lower fixed percentage applied to the balance of book-profit. The change is effective from the statute's fiscal commencement date.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
