Sec. 2. For purposes of computing receipts or the receipts factor under this article the following apply:
(1) "Receipts" means gross income (as defined in IC 6-5.5-1-10), plus the gross income excluded under Section 103 of the Internal Revenue Code, less gross income derived from sources outside the United States. However, upon the disposition of assets such as securities and money market transactions, when derived from transactions and activities in the regular course of the taxpayer's trade or business, receipts are limited to the gain (as defined in Section 1001 of the Internal Revenue Code) that is recognized upon the disposition.
(2) "Money market instruments" means federal funds sold and securities purchased under agreements to resell, commercial paper, banker's acceptances, and purchased certificates of deposit and similar instruments.
(3) "Securities" means United States Treasury securities, obligations of United States government agencies and corporations, obligations of state and political subdivisions, corporate stock and other securities, participations in securities backed by mortgages held by United States or state government agencies, loan backed securities and similar investments.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.29; P.L.68-1991, SEC.12.
Structure Indiana Code
Article 5.5. Taxation of Financial Institutions
Chapter 4. Rules for Attributing Receipts
6-5.5-4-1. Application of Chapter
6-5.5-4-3. Lease or Rental of Real or Tangible Personal Property
6-5.5-4-4. Secured Loans or Installment Sales Contracts; Interest Income and Other Receipts
6-5.5-4-5. Unsecured Consumer Loans; Interest Income and Other Receipts
6-5.5-4-8. Credit Cards; Apportionment of Service Charges, Interest Income, and Fees
6-5.5-4-9. Receipts From Sale of Assets; Apportionment
6-5.5-4-10. Receipts From Performance of Fiduciary and Other Services; Apportionment
6-5.5-4-11. Receipts From Traveler's Checks, Money Orders, or Savings Bonds
6-5.5-4-12. Receipts From Investments of Financial Institution in State Securities
6-5.5-4-13. Participation Loans; Apportionment of Interest Income and Other Receipts