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of <h1>Companies Must Allocate Common Costs Fairly Between Tonnage Tax and Other Activities Under Section 115VJ.</h1> Section 115VJ addresses the treatment of common costs for companies under tonnage taxation. If a company engages in activities beyond the tonnage tax business, common costs must be reasonably attributed to the tonnage tax business. For assets not exclusively used for tonnage tax purposes, depreciation should be fairly allocated between the tonnage tax business and other activities, as determined by the Assessing Officer, based on the asset's usage for each business type.
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