Wisconsin Statutes & Annotations
Chapter 71 - Income and franchise taxes for state and local revenues.
71.35 - Imposition of additional tax on tax-option corporations.

71.35 Imposition of additional tax on tax-option corporations. In addition to the other taxes imposed under this chapter, there is imposed on every tax-option corporation, except a corporation that qualifies for the exception under section 1374 (c) (1) of the internal revenue code and that has not elected to change from tax-option status under s. 71.365 (4) (a) for that taxable year, that has a net recognized built-in gain, as defined in section 1374 (d) (2) of the internal revenue code, during a recognition period, as defined in section 1374 (d) (7) of the internal revenue code as modified by this section, a tax computed under section 1374 of the internal revenue code except that the rate is that under s. 71.27 (2), the net recognized built-in gain is computed using the Wisconsin basis of the assets and the Wisconsin apportionment percentage for the current taxable year, the taxable income is the Wisconsin taxable income and the credit and net operating losses are those under this chapter rather than the federal credits and net operating losses. The tax under this section does not apply if the return is filed pursuant to a federal S corporation election made before January 1, 1987, and the corporation has not elected to change its status under s. 71.365 (4) (a) for any intervening year. If a corporation that elected to change from tax-option status under s. 71.365 (4) (a) subsequently elects to become a tax-option corporation, its recognition period begins with the first day of the first taxable year affected by the subsequent election.
History: 1987 a. 312; 1989 a. 31.

Structure Wisconsin Statutes & Annotations

Wisconsin Statutes & Annotations

Chapter 71 - Income and franchise taxes for state and local revenues.

71.01 - Definitions.

71.02 - Imposition of tax.

71.03 - Filing returns; certain claims.

71.04 - Situs of income; allocation and apportionment.

71.05 - Income computation.

71.06 - Rates of taxation.

71.07 - Credits.

71.08 - Minimum tax.

71.09 - Payment of estimated taxes.

71.10 - General provisions.

71.12 - Conformity.

71.122 - Definition.

71.125 - Imposition of tax.

71.13 - Filing returns.

71.14 - Situs of income.

71.15 - Income computation.

71.16 - Allocation of modifications.

71.17 - General provisions.

71.19 - Conformity.

71.195 - Definition.

71.20 - Filing returns.

71.21 - Computation.

71.22 - Definitions.

71.23 - Imposition of tax.

71.24 - Filing returns; extensions; payment of tax.

71.25 - Situs of income; allocation and apportionment.

71.255 - Combined reporting.

71.26 - Income computation.

71.265 - Previously exempt corporations; basis and depreciation.

71.27 - Rates of taxation.

71.275 - Rate changes.

71.28 - Credits.

71.29 - Payments of estimated taxes.

71.30 - General provisions.

71.32 - Conformity.

71.33 - Intent.

71.34 - Definitions.

71.35 - Imposition of additional tax on tax-option corporations.

71.36 - Tax-option items.

71.362 - Situs of income.

71.365 - General provisions.

71.37 - Conformity.

71.38 - Definition.

71.385 - Determination of cost.

71.39 - Imposition of tax.

71.40 - Filing of returns.

71.42 - Definitions.

71.43 - Imposition of tax.

71.44 - Filing returns; extensions; payment of tax.

71.45 - Income computation.

71.46 - Rates of taxation.

71.47 - Credits.

71.48 - Payments of estimated taxes.

71.49 - General provisions.

71.51 - Purpose.

71.52 - Definitions.

71.53 - Filing claims.

71.54 - Computation of credit.

71.55 - General provisions.

71.57 - Purpose.

71.58 - Definitions.

71.59 - Filing claims.

71.60 - Computation.

71.61 - General provisions.

71.613 - Farmland preservation credit, 2010 and beyond.

71.63 - Definitions.

71.64 - Employers required to withhold.

71.65 - Filing returns or reports.

71.66 - Employee exemption certificates.

71.67 - General provisions.

71.68 - Definitions.

71.70 - Rents or royalties.

71.71 - Wages subject to withholding.

71.715 - Wages not subject to withholding.

71.72 - Statement of nonwage payments.

71.73 - General provisions.

71.738 - Definitions.

71.74 - Department audits, additional assessments and refunds.

71.745 - Pass-through entity audits, additional assessments and refunds at the entity level.

71.75 - Claims for refund.

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.

71.82 - Interest.

71.83 - Penalties.

71.84 - Addition to the tax.

71.85 - General provisions.

71.87 - Definition.

71.88 - Time for filing an appeal.

71.89 - Appeal procedures.

71.90 - Depositing contested amounts.

71.91 - Collection provisions.

71.92 - Compromises.

71.93 - Setoffs for other state agencies.

71.935 - Setoffs for municipalities and counties.

71.94 - Penalties.

71.98 - Internal Revenue Code update.