Tax 2.98(2)(a)(a) The Wisconsin income tax treatment is determined under the federal Internal Revenue Code in effect under s. 71.22 (4), Stats., for corporations and s. 71.01 (6), Stats., for individuals.
Tax 2.98(2)(b) (b) If a corporation, designated agent of a combined group, or an individual desires to make the election after having filed a Wisconsin income tax return for the preceding taxable year, the casualty loss may be claimed by filing an amended Wisconsin return for that year.
Tax 2.98 Note Note: Tax 2.98 explains some federal provisions relating to disaster area losses and how the Wisconsin law for individuals conforms to the federal law, however, it does not explain all the details regarding casualty losses. Internal Revenue Service Publication 547, entitled Casualties, Disasters, and Thefts may be helpful in understanding such details as how to deduct a casualty loss, what to do if the loss exceeds income, how to adjust the basis of property damaged or replaced, how to report the amount received from insurance or other sources, and related casualty loss problems.
Tax 2.98 Note Note: Section Tax 2.98 interprets ss. 71.01 (6), 71.22 (4), and 71.255 (7) (b) Stats.
Tax 2.98 History History: Cr. Register, April, 1978, No. 268, eff. 5-1-78; r. (2), renum. (3) to be (2) and am. (2) (a) 1. and (b), Register, September, 1983, No. 333, eff. 10-1-83; am. (1) (a), r. (2) (b), renum. (2) (a) 1. and 2. to be (2) (a) and (b) and am., Register, February, 1990, No. 410, eff. 3-1-90; CR 10-095: am. (2) (b) Register November 2010 No. 659, eff. 12-1-10; CR 13-012: am. (1) (b) Register August 2013 No. 692, eff. 9-1-13.
Tax 2.986 Tax 2.986Registration of a business under s. 73.03 (69), Stats.
Tax 2.986(1)(1)Purpose. This section establishes the method of valuing property and the registration deadline for purposes of s. 73.03 (69), Stats.
Tax 2.986(2) (2) Definition. In this section, “doing business in this state" has the meaning given in s. 71.22 (1r), Stats.
Tax 2.986(3) (3) Method of valuing property. For purposes of s. 73.03 (69) (b) 2., Stats., real and tangible personal property owned by the business shall be valued at its original cost and real and tangible personal property rented by the business shall be valued at an amount equal to the annual rental paid by the business, less any annual rental received by the business from sub-rentals, multiplied by 8.
Tax 2.986(4) (4) Registration deadline.
Tax 2.986(4)(a)(a) Except as provided in par. (b), a business shall register with the department under s. 73.03 (69), Stats., on or before the close of the calendar year for which the business desires registration. A business may not be registered for a calendar year if the registration is not within the time provided in this subsection.
Tax 2.986(4)(b) (b) A business that desires registration for the calendar year in which it begins doing business in this state shall register with the department during the following calendar year.
Tax 2.986 Note Example: Business A begins doing business in Wisconsin on March 8, 2014. Business A must register with the department for calendar year 2014 between January 1, 2015, and December 31, 2015.
Tax 2.986 History History: CR 14-005: cr. Register August 2014 No. 704, eff. 9-1-14.
Tax 2.99 Tax 2.99 Dairy and livestock farm investment credit.
Tax 2.99(1)(1)Purpose. This section clarifies certain terms as they apply to the dairy and livestock farm investment credit under ss. 71.07 (3n), 71.28 (3n), and 71.47 (3n), Stats.
Tax 2.99 Note Note: Sections 71.07 (3n), 71.28 (3n), and 71.47 (3n), Stats., were revised by 2013 Wis. Act 20 to provide the credit under this section may not be claimed for taxable years beginning on or after January 1, 2014.
Tax 2.99 Note Note: 2005 Wis. Act 25 renamed the “dairy investment credit" the “dairy and livestock farm investment credit," effective for taxable years beginning on or after January 1, 2006. The term “dairy and livestock farm investment credit" as used in this section refers to the “dairy investment credit" for taxable years prior to January 1, 2006.
Tax 2.99(2) (2) Definitions. In this section and in ss. 71.07 (3n), 71.28 (3n), and 71.47 (3n), Stats.:
Tax 2.99(2)(a) (a) “Amount the claimant paid in the taxable year" means the purchase price of facilities or equipment acquired and first placed in service in this state during taxable years that begin after December 31, 2003, and before January 1, 2017.
Tax 2.99(2)(b) (b) “Dairy farm modernization or expansion" has the meaning as given in ss. 71.07 (3n), 71.28 (3n), and 71.47 (3n), Stats. “Dairy farm modernization or expansion" refers only to those facilities or equipment in this state used exclusively on the claimant's dairy farm related to the dairy animals located on the claimant's dairy farm. “Dairy farm modernization or expansion" does not include the purchase of:
Tax 2.99(2)(b)1. 1. Equipment used for raising crops for sale.
Tax 2.99(2)(b)2. 2. Vehicles licensed for highway use, snowmobiles, and all-terrain vehicles.
Tax 2.99(2)(c) (c) “First placed in service" has the meaning as given under Treas. Reg. section 1.167 (a)-11 (e) (1) (i) for purposes of computing depreciation.
Tax 2.99 Note Note: Treas. Reg. s. 1.167 (a)-11 (e) (1) (i) provides, in part, that property is first placed in service when first placed in a condition or state of readiness and availability for a specifically assigned function.
Tax 2.99(2)(d) (d) “Milk production" means the activity of producing and handling milk on the claimant's dairy farm in this state for human consumption, but does not include activities such as transporting, pasteurizing, or homogenizing milk or making butter, cheese, ice cream or other dairy products.
Tax 2.99(2)(e) (e) “Used exclusively related to dairy animals" means used in this state on the claimant's dairy farm to the exclusion of all other uses except for other uses not exceeding 5% of total use.
Tax 2.99 Note Note: Section Tax 2.99 interprets ss. 71.07 (3n), 71.28 (3n), and 71.47 (3n), Stats.
Tax 2.99 Note Note: Sections 71.07 (3n), 71.28 (3n), and 71.47 (3n), Stats., were created by 2003 Wis. Act 135, effective for taxable years that begin after December 31, 2003, and before January 1, 2010.
Tax 2.99 History History: Emerg. cr. eff. 9-17-04; CR 04-115: cr. Register March 2005 No. 591, eff. 4-1-05; CR 12-011: am. (title), (1), (2) (a) Register July 2012 No. 679, eff. 1-8-12.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.