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Formulary apportionment does not reflect the economic profit or loss of each entity. For example, a profitable group that incurs a loss in a particular territory has taxable profit apportioned to that territory, and conversely a loss-making group which makes profits in a particular territory has no taxable profits in that territory. [ 19 ]
The courts have held that the requirement for fair apportionment may be met by apportioning between jurisdictions all business income of a corporation based on a formula using the particular corporation's details. [46] Many states use a three factor formula, averaging the ratios of property, payroll, and sales within the state to that overall.
A formulary is a list of pharmaceutical drugs, often decided upon by a group of people, for various reasons such as insurance coverage or use at a medical facility. [1] Traditionally, a formulary contained a collection of formulas for the compounding and testing of medication (a resource closer to what would be referred to as a pharmacopoeia ...
Uniform Apportionment of Tort Responsibility Act, a Uniform Act drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) Formulary apportionment , a method of allocating corporate taxation between jurisdictions
The Apportionment Act 1870 (33 & 34 Vict. c. 35) extends to payments not made under any instrument in writing (section 2), but not to annual sums made payable in policies of insurance (section 6). Apportionment under the act can be excluded by express stipulation. [2] The apportionment created by this statute is "apportionment in respect of time."
Tax consolidation, or combined reporting, is a regime adopted in the tax or revenue legislation of a number of countries which treats a group of wholly owned or majority-owned companies and other entities (such as trusts and partnerships) as a single entity for tax purposes.
Formulary may refer to: Formulary (model document) , ancient and medieval collections of models for official writings Formulary (pharmacy) , list of prescription drugs covered by a particular drug benefit plan
OFII now GBA traces its roots back to 1990 when a group of US subsidiaries of Foreign-Owned Corporations worked together to fight a tax in global profits.In 1994, the US Supreme Court ruled in favor of California against Barclays Bank, a foreign based multinational corporation by a vote of 7-2 (and by a vote of 9-0 against Colgate-Palmolive, a US-based multinational corporation) - sanctioning ...