71.16 Allocation of modifications. The Wisconsin modifications applicable to the Wisconsin taxable income or Wisconsin adjusted gross income of estates, trusts and beneficiaries thereof with respect to income derived from such estates or trusts shall be computed and allocated as follows:
(1) A modification or portion thereof which relates to an item of income, gain, loss or deduction which affects the computation of the federal distributable net income of the estate or trust for the current year shall be apportioned among and taken into account by the fiduciary and the beneficiary or beneficiaries in the same proportion that the item to which it relates is considered as distributed among them for federal income tax purposes.
(2) Any remaining modifications or portions thereof shall be taken into account by the fiduciary.
(3) If an additional assessment is made against the fiduciary or any beneficiary as a result of correction of an erroneous allocation of the modifications applicable to the income of an estate or trust, any overpayment resulting from consistent application of such correction to all other taxpayers interested in such estate or trust shall be refunded notwithstanding any rule of law which would otherwise bar such refund.
History: 1987 a. 312.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 71 - Income and franchise taxes for state and local revenues.
71.03 - Filing returns; certain claims.
71.04 - Situs of income; allocation and apportionment.
71.09 - Payment of estimated taxes.
71.16 - Allocation of modifications.
71.24 - Filing returns; extensions; payment of tax.
71.25 - Situs of income; allocation and apportionment.
71.265 - Previously exempt corporations; basis and depreciation.
71.29 - Payments of estimated taxes.
71.35 - Imposition of additional tax on tax-option corporations.
71.385 - Determination of cost.
71.44 - Filing returns; extensions; payment of tax.
71.48 - Payments of estimated taxes.
71.54 - Computation of credit.
71.613 - Farmland preservation credit, 2010 and beyond.
71.64 - Employers required to withhold.
71.65 - Filing returns or reports.
71.66 - Employee exemption certificates.
71.71 - Wages subject to withholding.
71.715 - Wages not subject to withholding.
71.72 - Statement of nonwage payments.
71.74 - Department audits, additional assessments and refunds.
71.745 - Pass-through entity audits, additional assessments and refunds at the entity level.
71.76 - Internal revenue service and other state adjustments.
71.77 - Statutes of limitations, assessments and refunds; when permitted.
71.775 - Withholding from nonresident members of pass-through entities.
71.78 - Confidentiality provisions.
71.80 - General administrative provisions.
71.805 - Tax avoidance transactions voluntary compliance program.
71.81 - Disclosing reportable transactions.
71.88 - Time for filing an appeal.
71.90 - Depositing contested amounts.
71.91 - Collection provisions.
71.93 - Setoffs for other state agencies.