What activity is subject to the SBT?
The SBT applies to “business activity,” which includes: • The sale of real or personal property in exchange for a tangible or intangible consideration. • Property rental, including both real property and personal property. • Performance of a service for a fee, except services rendered as an employee or services rendered as the director of a corporation. What persons or activities are exempt from the SBT? The following may be exempt from the SBT. Each of these exemptions, however, has some restrictions. • Most persons, other than non-US persons, who are exempt from federal income tax under the Internal Revenue Code. • Nonprofit cooperative housing corporations. • Production of agricultural goods, if the taxpayer’s primary activity is production of agricultural goods. • Partners of partnerships and shareholders of Sub S corporations (unless they have other business activities). Partnerships and Sub S corporations, however, are subject to the SBT. Partners and shareholders should contact
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