SALT AM 3.7.24

What 2017 legislation implemented the state tax deduction limitation of $10,000 for individual taxpayers?

• Coronavirus Aid, Relief and Economic Security Act (CARES)

• Tax Cuts and Jobs Act (TCJA)

• Build Back Better Act

This state was the first to enact PTET legislation in response to the TCJA $10K state tax deduction "cap".

• New York

• Illinois

• New Jersey

• Connecticut

What IRC code section do we review in determining if a state conforms to federal bonus depreciation rules?

• 168(k)

• 704(c)

• 704(b)

• 743

Generally speaking, how long is the statute of limitations for unfiled returns?

• 5 years

• No limitation period

• 2 years

• 10 years

What state has a maximum personal income tax rate of 13.3%?

• Texas

• New York

• Minnesota

• California

Name the two states that impose a Commercial Activity Tax on business with gross receipts in those particular states.

• Oklahoma

• Oregon

• Ohio

• Mississippi

What is trade or business income generated within the United States, earned by a foreign person, called?

• Fixed, Determinable, Annual, or Periodical Income (FDAP)

• Ordinary Income

• Effectively Connected Income (ECI)

• Capital Gains

What state allows a subtraction for a "reasonable allowance for compensation paid or accrued for services rendered by the partners to the partnership"?

• Indiana

• New York

• Illinois

• New Jersey

What state has implemented a pass through entity tax?

• New York

• Illinois

• California

• Utah

This type of tax levy is not based on income but rather typically based on the net worth or capital of an entity.

• Income Tax

• Gross Receipts Tax

• Franchise Tax

• Real Estate Transfer Tax