71.362 Situs of income.
(1) All tax-option items of nonresident individuals, nonresident estates and nonresident trusts derived from a tax-option corporation not requiring apportionment under sub. (2) shall follow the situs of the business of the corporation from which they are derived, except that all income that is realized from the sale of or purchase and subsequent sale or redemption of lottery prizes if the winning tickets were originally bought in this state shall be allocated to this state.
(2) Nonresident individuals, nonresident estates and nonresident trusts deriving income from a tax-option corporation which is engaged in business within and without this state shall be taxed only on the income of the corporation derived from business transacted and property located in this state and losses and other items of the corporation deductible by such shareholders shall be limited to their proportionate share of the Wisconsin loss or other item, except that all income that is realized from the sale of or purchase and subsequent sale or redemption of lottery prizes if the winning tickets were originally bought in this state shall be allocated to this state. For purposes of this subsection, all intangible income of tax-option corporations passed through to shareholders is business income that follows the situs of the business, except that all income that is realized from the sale of or purchase and subsequent sale or redemption of lottery prizes if the winning tickets were originally bought in this state shall be allocated to this state.
History: 1987 a. 312; 1999 a. 9.
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.