Are federal deductions allowed under IRC 199 (26 U.S.C. 199) with regard to qualified production activities allowable as deductions in determining net earnings subject to excise tax?
No. Section 64 of Chapter 499 of the Public Acts of 2005, which the department will apply to tax years ended on or after July 1, 2005, amends Tenn. Code Ann. Section 67-6-2006(b)(1) by adding a new subdivision (M) which requires and deduction made pursuant to 26 U.S.C. 199 to be added back to federal net earnings when computing net earnings for excise tax purposes.
Related Questions
- Are federal deductions allowed under IRC § 199 (26 U.S.C. § 199) with regard to qualified production activities allowable as deductions in determining net earnings subject to excise tax?
- Are federal deductions allowed under IRC 199 (26 U.S.C. 199) with regard to qualified production activities allowable as deductions in determining net earnings subject to excise tax?
- One of my employees is allowed to claim 12 exemptions for federal purposes, based on his itemized deductions. Can he also claim 12 exemptions for Virginia?
