103 KAR 20:010. Definition of gross income.

 

      RELATES TO: KRS 136.070

      STATUTORY AUTHORITY: KRS 131.130(1)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 131.130(1) authorizes the Department of Revenue to promulgate administrative regulations for the administration and enforcement of all tax laws of this state. This administrative regulation defines "gross income" for determining whether a corporation is entitled to a credit against its license tax.

 

      Section 1. Definition. "Gross income" means total taxable and nontaxable receipts before reduction or deduction for cost of goods sold, cost of assets sold, or any other deductions for purposes of determining if a corporation is entitled to a corporation license tax credit of one (1) dollar and forty (40) cents for each $1,000 of the first $350,000 of capital employed.

 

      Section 2. This administrative regulation shall not apply to tax periods ending on or after December 31, 2005. (12 Ky.R. 1193; eff. 2-4-86; 32 Ky.R. 930; 1220; eff. 2-3-2006.)