The property factor for income tax apportionment and net worth tax apportionment are computed differently. What kinds of property are included in the net worth apportionment?
• The property portion of the net worth ratio is computed as follows. For the “everywhere figure”, the ending balance sheet asset figure from the Federal income tax return should be used. For the “within Georgia figure” a “Georgia” balance sheet must be calculated from assets owned in Georgia. The difference between net worth tax apportionment and income tax apportionment is that for net worth tax purposes tangible and intangible assets, like cash, accounts receivable, allowance for bad debts, accumulated depreciation, etc. are included.
Related Questions
- The property factor for income tax apportionment and net worth tax apportionment are computed differently. What kinds of property are included in the net worth apportionment?
- What are the Tax Implications on eventual sale of the property by an NRI? Can an NRI take the net amount outside India in sterling or dollars after tax has been paid?
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