Section 81-03-09.2-04 - Rescission of a sales factor weighting election1. A sales factor weighting election of a taxpayer that has had more than fifty percent of its voting stock acquired by a nonaffiliated entity is rescinded.2. A sales factor weighting election of a taxpayer formed due to reorganization or spinoff from an existing taxpayer is rescinded if, after the reorganization or spinoff, it is no longer an affiliated member of the unitary group.3. The sales factor weighting election of a taxpayer that is completely liquidated is rescinded. The election does not carry over to the entity receiving the liquidated assets. This provision does not affect the sales factor weighting election made by any taxpayer that receives liquidated assets.4. If a taxpayer's sales factor weighting election is rescinded under this section, it is not precluded from making a new sales factor weighting election in the first tax year following the rescission.N.D. Admin Code 81-03-09.2-04
Adopted by Administrative Rules Supplement 2016-361, July 2016, effective 7/1/2016.General Authority: NDCC 57-38-56
Law Implemented: NDCC 57-38.1-09