CHAPTER 4. RULES FOR ATTRIBUTING RECEIPTS
IC 6-5.5-4
Chapter 4. Rules for Attributing Receipts
IC 6-5.5-4-1
Application of chapter
Sec. 1. This chapter applies to all taxpayers.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.6-2000,SEC.4.
IC 6-5.5-4-2
Definitions
Sec. 2. For purposes of computing receipts or the receipts factorunder this article the following apply:
(1) "Receipts" means gross income (as defined inIC 6-5.5-1-10), plus the gross income excluded under Section103 of the Internal Revenue Code, less gross income derivedfrom sources outside the United States. However, upon thedisposition of assets such as securities and money markettransactions, when derived from transactions and activities inthe regular course of the taxpayer's trade or business, receiptsare limited to the gain (as defined in Section 1001 of theInternal Revenue Code) that is recognized upon the disposition.
(2) "Money market instruments" means federal funds sold andsecurities purchased under agreements to resell, commercialpaper, banker's acceptances, and purchased certificates ofdeposit and similar instruments.
(3) "Securities" means United States Treasury securities,obligations of United States government agencies andcorporations, obligations of state and political subdivisions,corporate stock and other securities, participations in securitiesbacked by mortgages held by United States or state governmentagencies, loan backed securities and similar investments.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990,SEC.29; P.L.68-1991, SEC.12.
IC 6-5.5-4-3
Lease or rental of real or tangible personal property
Sec. 3. Receipts from the lease or rental of real or tangiblepersonal property must be attributed to Indiana if the property islocated in Indiana.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-4
Secured loans or installment sales contracts; interest income andother receipts
Sec. 4. Interest income and other receipts from assets in the natureof loans or installment sales contracts that are primarily secured byor deal with real or tangible personal property must be attributed toIndiana if the security or sale property is located in Indiana.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-5
Unsecured consumer loans; interest income and other receipts
Sec. 5. Interest income and other receipts from consumer loansnot secured by real or tangible personal property must be attributedto Indiana if the loan is made to a resident of Indiana, whether at aplace of business, by a traveling loan officer, by mail, by telephone,or by other electronic means.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-6
Unsecured commercial loans or installment obligations; interestincome and other receipts to be applied in state
Sec. 6. Interest income and other receipts from commercial loansand installment obligations not secured by real or tangible personalproperty must be attributed to Indiana if the proceeds of the loan areto be applied in Indiana. If it cannot be determined where the fundsare to be applied, the income and receipts are attributed to the statein which the business applied for the loan. As used in this section,"applied for" means initial inquiry (including customer assistance inpreparing the loan application) or submission of a completed loanapplication, whichever occurs first.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-7
Fee income and other receipts from letters of credit, acceptance ofdrafts, and other guarantees of credit; apportionment
Sec. 7. Fee income and other receipts from letters of credit,acceptance of drafts, and other devices for assuring or guaranteeingloans or credit must be apportioned in the same manner as interestincome and other receipts from commercial loans are apportioned.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-8
Credit cards; apportionment of service charges, interest income,and fees
Sec. 8. Interest income, merchant discount, and other receiptsincluding service charges from financial institution credit card andtravel and entertainment credit card receivables and credit cardholders' fees must be attributed to the state to which the card chargesand fees are regularly billed.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-9
Receipts from sale of assets; apportionment
Sec. 9. Receipts from the sale of an asset, tangible or intangible,must be apportioned in the manner that the income from the assetwould be apportioned under this chapter.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-10 Receipts from performance of fiduciary and other services;apportionment
Sec. 10. Receipts from the performance of fiduciary and otherservices must be attributed to the state in which the benefits of theservices are consumed. If the benefits are consumed in more than one(1) state, the receipts from those benefits must be apportioned toIndiana on a pro rata basis according to the portion of the benefitsconsumed in Indiana.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-11
Receipts from traveler's checks, money orders, or savings bonds
Sec. 11. Receipts from the issuance of traveler's checks, moneyorders, or United States savings bonds must be attributed to the statein which the traveler's checks, money orders, or bonds are purchased.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-12
Receipts from investments of financial institution in state securities
Sec. 12. Receipts from investments of a financial institution insecurities of this state and its political subdivisions, agencies, andinstrumentalities must be attributed to Indiana.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-13
Participation loans; apportionment of interest income and otherreceipts
Sec. 13. Interest income and other receipts from a participatingfinancial institution's portion of participation loans must be attributedunder this chapter. A participation loan is a loan in which more thanone (1) lender is a creditor to a common borrower.
As added by P.L.347-1989(ss), SEC.1.
IC 6-5.5-4-14
Repealed
(Repealed by P.L.68-1991, SEC.18.)
IC 6-5.5-4-15
Repealed
(Repealed by P.L.68-1991, SEC.18.)