17-7501. Definitions.
17-7501
17-7501. Definitions.
As used in this act:
(a) "Domestic corporation" means any corporation organized under the
laws of this state, irrespective of whether such corporation is organized
for profit.
(b) "Foreign corporation" means any corporation organized under the laws
of any jurisdiction other than this state.
(c) "Articles of incorporation" means the original articles of
incorporation filed to create a corporation, but such term also includes
the charter, articles of association and any other instrument by whatever
name known under which a corporation has been or may be lawfully formed.
(d) "Shareholder's equity" means the sum of: (1) Paid-in capital stock,
except that paid-in capital stock shall not include any capital stock
issued by a corporation and reacquired by such corporation through gift,
purchase or otherwise and available for resale or retirement; (2) capital
paid in, in excess of par; and (3) retained earnings, except that any
moneys which have been allocated and are payable to the members of any
corporation which is organized as a cooperative association or society
shall not be included as part of the retained earnings of such corporation
for the purpose of this act.
(e) "Shareholder's equity attributable to Kansas" means the shareholder's
equity of a corporation multiplied by a percentage which is the average of the
following three percentages: (1) The average value of the corporation's real
and tangible personal property owned or rented and used in this state during
the next preceding tax period divided by the average total value of the
corporation's real and tangible personal property owned or rented and used
during the next preceding tax period; (2) the total amount of
compensation paid by the corporation in this state during the next
preceding tax period divided by the total amount of compensation paid
everywhere by the corporation during the next preceding tax period; and (3)
the total sales of the corporation in this state during the next preceding tax
period divided by the total sales of the corporation everywhere during the next
preceding tax period. If a corporation has no property or activity mentioned in
one of the above factors, the appropriate percentage for that factor is 100%.
(f) "Tax period" means a corporation's taxable year under the Kansas
income tax act.
History: L. 1972, ch. 54, § 1; L. 1973, ch. 101, § 1;
L. 1991, ch. 76, § 3; July 1.