
Illinois Department of Revenue Tax for a Unitary Business Group with Foreign Insurer Members Year Ending Schedule UBINS Attach T Form
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People also ask
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What is the schedule UB in Illinois?
What is the purpose of Schedule UB/INS? The purpose of Schedule UB/INS, Tax for a Unitary Business Group with Foreign Insurer Members, is to allow your foreign insurer members to possibly reduce the unitary group's Illinois income and replacement tax liability.
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What is a unitary group for tax purposes?
More specifically, a unitary business group is two or more persons that satisfy both a control test and one of two relationship tests. MCL 206.611(6). A unitary business group is a single taxpayer under the CIT and must file a combined return.
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What entities are subject to Illinois replacement tax?
This tax replaces money lost by local governments when their power to impose personal property taxes was taken away. Replacement tax is collected from corporations, subchapter S corporations, partnerships, and trusts by the State of Illinois and paid to local governments.
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What does unitary mean in tax?
Unitary – Judicially developed Constitutional concept whereby separate legal business entities are treated for tax purposes as a single business unit based on those entities having integrated operations.
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What is a unitary business group?
Generally, a unitary business group is a group of related persons whose business activities or operations are interdependent. More specifically, a unitary business group is two or more persons that satisfy both a control test and one of two relationship tests.
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What is an example of a unitary business?
The transportation of the product from the manufacturing plant to the sales outlet and storage facilities during this process are typically parts of a unitary business. An interstate railway that uses track and terminals located in different states is another example of a unitary business.
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What is a unitary member?
3 Any member, whether a managing member or otherwise, may be unitary with an LLC if the member has or exercises control of the LLC, by reasons of majority ownership or otherwise. • When a pass-through holding company has majority ownership and. control (e.g., by way of voting rights) over a limited liability company.
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What is a unitary group for tax purposes Illinois?
The term “unitary business group” means a group of persons related through common ownership whose business activities are integrated with, dependent upon, and contribute to each other.
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