316 Neb. Admin. Code, ch. 24, § 301 Apportionable and Nonapportionable Income

• Library: Nebraska Administrative Code
• Edition: 2023
• Currency: Current through January 1, 2024
• Citation: 316 Neb. Admin. Code, ch. 24, § 301
• Year: 2023

301.01 In General

A business entity or unitary group generating income from a business activity that is taxable within Nebraska and subject to tax in at least one other state must apportion its income. The income is apportioned using the sales factor only, as provided in Reg-24-301 through Reg-24-350.

301.02 Apportionable Income

The entire federal taxable income of a corporation, a unitary group, or a partnership is presumed to be apportionable income. The apportionable income includes income arising from transactions and activity of the business, and income arising from tangible and intangible property if the acquisition, management, employment, development, or disposition of the property was related to the operation of the business entity's trade or business.

301.03 Nonapportionable Income

Nonapportionable income is any income the taxpayer has shown is not subject to apportionment. Income that is claimed to be nonapportionable must be supported by:

301.03A A detailed description of the source and nature of the income; and

301.03B An affidavit attached to the return...