Does the department construe “rents” as always passive investment income, or are there exceptions as under federal law?
Franchise and excise tax law does not contain a definition of “rents,” and therefore the term must be given its ordinary and commonly understood meaning. Although income may be reported as rent, it may legally represent a license or service fee, such as hotel or motel charges. The department does not consider hotel and motel room charges to be “rent.
Related Questions
- What do I need to provide to the Mississippi Department of Revenue if I claimed non-business or wholly passive investment income (non-Mississippi source income)?
- What do I need to provide to the Missouri Department of Revenue if I claim non-business or wholly passive investment income (non-Missouri source income)?
- Does the department construe "rents" as always passive investment income, or are there exceptions as under federal law?
