§ 44-11-1 Definitions. – For the purpose of this chapter:
(1) "Captive REIT" means a corporation, trust or association:
(i) That is considered a real estate investment trust for thetaxable year under section 856 of the Internal Revenue Code;
(ii) That is not regularly traded on an establishedsecurities market; and
(iii) More than fifty percent (50%) of the voting power orvalue of the beneficial interests or shares of which at any time during thelast half of the taxable year, is owned or controlled, directly or indirectly,by a single entity that is subject to the provisions of Subchapter C of Chapter1 of the Internal Revenue Code; and
(b) "Captive REIT" does not include:
(i) A corporation, trust or association more than fiftypercent (50%) of the voting power or value of the beneficial interests orshares of which, at any time during which the corporation, trust or associationsatisfies item (1)(iii) of this subsection, is owned or controlled, directly orindirectly, by:
(A) A real estate investment trust other than a real estateinvestment trust described in item (i) of this subsection; or
(B) A person exempt from taxation under § 501(a) of theInternal Revenue Code; or
(C) A listed Australian Property Trust; and
(ii) Subject to regulations that the tax administratoradopts, a real estate investment trust that is intended to become regularlytraded on an established securities market and that satisfies the requirementsof § 865(A)(5) and (6) of the Internal Revenue Code by reason of §856(h)(2) of the Internal Revenue Code; and
(c) For purposes of this section, the constructive ownershiprules prescribed under § 318(a) of the Internal Revenue Code, as modifiedby § 856(d)(5) of the Internal Revenue Code, shall apply in determiningthe ownership of stock, assets or net profits of any person.
(2) "Corporation" means every corporation, joint-stockcompany, or association, wherever incorporated, a real estate investment trust,a regulated investment company, a personal holding company registered under theFederal Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., andalso a trustee or trustees conducting a business where interest or ownership isevidenced by certificates or other written instruments, deriving any incomefrom sources within this state or engaging in any activities or transactionswithin this state for the purpose of profit or gain, whether or not an officeor place of business is maintained in this state, or whether or not the income,activities, or transactions are connected with intrastate, interstate, orforeign commerce, except:
(i) State banks, mutual savings banks, federal savings banks,trust companies, national banking associations, building and loan associations,credit unions, and loan and investment companies;
(ii) Public service corporations included in chapter 13 ofthis title, except as otherwise provided in § 44-13-2.2;
(iii) Insurance and surety companies;
(iv) Corporations specified in § 7-6-4, incorporatedhospitals, schools, colleges, and other institutions of learning not organizedfor business purposes and not doing business for profit and no part of the netearnings of which inures to the benefit of any private stockholder orindividual, whether incorporated under any general law of this state or by anyspecial act of the general assembly of this state;
(v) Fraternal beneficiary societies as set forth in §27-25-1;
(vi) Any corporation expressly exempt from taxation bycharter;
(vii) Corporations which together with all corporations underdirect or indirect common ownership that satisfies the other requirements ofthis paragraph employ not less than five (5) full-time equivalent employees inthe state; which maintain an office in the state; and activities within thestate which are confined to the maintenance and management of their intangibleinvestments or of the intangible investments of corporations or business trustsregistered as investment companies under the Investment Company Act of 1940, 15U.S.C. § 80a-1 et seq., and the collection and distribution of the incomefrom those investments or from tangible property physically located outside thestate. For purposes of this paragraph, "intangible investments" includes,without limitation, investments in stocks, bonds, notes, and other debtobligations, including debt obligations of affiliated corporations, patents,patent applications, trademarks, trade names, copyrights, and similar types ofintangible assets.
(3) "Fiscal year" means an accounting period of twelve (12)months ending on the last day of any month other than December.
(4) "Place of business" means a regular place of business,which, in turn, means any bona fide office, other than a statutory office,factory, warehouse, or other space which is regularly used by the taxpayer incarrying on its business. Where, as a regular course of business, property ofthe taxpayer is stored by it in a public warehouse until it is shipped tocustomers, the warehouse is considered a regular place of business of thetaxpayer and, where as a regular course of business, raw material or partiallyfurnished goods of a taxpayer are delivered to an independent contractor to beconverted, processed, finished, or improved and the finished goods remain inthe possession of the independent contractor until shipped to customers, theplant of the independent contractor is considered a regular place of businessof the taxpayer. The mere consignment of goods by the taxpayer to anindependent factor outside this state for sale at the consignee's discretiondoes not constitute the taxpayer as having a regular place of business outsidethis state.
(5) "Taxable year" means the calendar year or the fiscal yearending during the calendar year upon the basis of which the net income iscomputed under this chapter. "Taxable year" means, in the case of a return madefor a fractional part of a year under the provisions of this chapter or underregulations prescribed by the tax administrator, the period for which thereturn is made.
(6) "Taxpayer" means and includes any corporation subject tothe provisions of this chapter.
§ 44-11-1 Definitions. – For the purpose of this chapter:
(1) "Captive REIT" means a corporation, trust or association:
(i) That is considered a real estate investment trust for thetaxable year under section 856 of the Internal Revenue Code;
(ii) That is not regularly traded on an establishedsecurities market; and
(iii) More than fifty percent (50%) of the voting power orvalue of the beneficial interests or shares of which at any time during thelast half of the taxable year, is owned or controlled, directly or indirectly,by a single entity that is subject to the provisions of Subchapter C of Chapter1 of the Internal Revenue Code; and
(b) "Captive REIT" does not include:
(i) A corporation, trust or association more than fiftypercent (50%) of the voting power or value of the beneficial interests orshares of which, at any time during which the corporation, trust or associationsatisfies item (1)(iii) of this subsection, is owned or controlled, directly orindirectly, by:
(A) A real estate investment trust other than a real estateinvestment trust described in item (i) of this subsection; or
(B) A person exempt from taxation under § 501(a) of theInternal Revenue Code; or
(C) A listed Australian Property Trust; and
(ii) Subject to regulations that the tax administratoradopts, a real estate investment trust that is intended to become regularlytraded on an established securities market and that satisfies the requirementsof § 865(A)(5) and (6) of the Internal Revenue Code by reason of §856(h)(2) of the Internal Revenue Code; and
(c) For purposes of this section, the constructive ownershiprules prescribed under § 318(a) of the Internal Revenue Code, as modifiedby § 856(d)(5) of the Internal Revenue Code, shall apply in determiningthe ownership of stock, assets or net profits of any person.
(2) "Corporation" means every corporation, joint-stockcompany, or association, wherever incorporated, a real estate investment trust,a regulated investment company, a personal holding company registered under theFederal Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., andalso a trustee or trustees conducting a business where interest or ownership isevidenced by certificates or other written instruments, deriving any incomefrom sources within this state or engaging in any activities or transactionswithin this state for the purpose of profit or gain, whether or not an officeor place of business is maintained in this state, or whether or not the income,activities, or transactions are connected with intrastate, interstate, orforeign commerce, except:
(i) State banks, mutual savings banks, federal savings banks,trust companies, national banking associations, building and loan associations,credit unions, and loan and investment companies;
(ii) Public service corporations included in chapter 13 ofthis title, except as otherwise provided in § 44-13-2.2;
(iii) Insurance and surety companies;
(iv) Corporations specified in § 7-6-4, incorporatedhospitals, schools, colleges, and other institutions of learning not organizedfor business purposes and not doing business for profit and no part of the netearnings of which inures to the benefit of any private stockholder orindividual, whether incorporated under any general law of this state or by anyspecial act of the general assembly of this state;
(v) Fraternal beneficiary societies as set forth in §27-25-1;
(vi) Any corporation expressly exempt from taxation bycharter;
(vii) Corporations which together with all corporations underdirect or indirect common ownership that satisfies the other requirements ofthis paragraph employ not less than five (5) full-time equivalent employees inthe state; which maintain an office in the state; and activities within thestate which are confined to the maintenance and management of their intangibleinvestments or of the intangible investments of corporations or business trustsregistered as investment companies under the Investment Company Act of 1940, 15U.S.C. § 80a-1 et seq., and the collection and distribution of the incomefrom those investments or from tangible property physically located outside thestate. For purposes of this paragraph, "intangible investments" includes,without limitation, investments in stocks, bonds, notes, and other debtobligations, including debt obligations of affiliated corporations, patents,patent applications, trademarks, trade names, copyrights, and similar types ofintangible assets.
(3) "Fiscal year" means an accounting period of twelve (12)months ending on the last day of any month other than December.
(4) "Place of business" means a regular place of business,which, in turn, means any bona fide office, other than a statutory office,factory, warehouse, or other space which is regularly used by the taxpayer incarrying on its business. Where, as a regular course of business, property ofthe taxpayer is stored by it in a public warehouse until it is shipped tocustomers, the warehouse is considered a regular place of business of thetaxpayer and, where as a regular course of business, raw material or partiallyfurnished goods of a taxpayer are delivered to an independent contractor to beconverted, processed, finished, or improved and the finished goods remain inthe possession of the independent contractor until shipped to customers, theplant of the independent contractor is considered a regular place of businessof the taxpayer. The mere consignment of goods by the taxpayer to anindependent factor outside this state for sale at the consignee's discretiondoes not constitute the taxpayer as having a regular place of business outsidethis state.
(5) "Taxable year" means the calendar year or the fiscal yearending during the calendar year upon the basis of which the net income iscomputed under this chapter. "Taxable year" means, in the case of a return madefor a fractional part of a year under the provisions of this chapter or underregulations prescribed by the tax administrator, the period for which thereturn is made.
(6) "Taxpayer" means and includes any corporation subject tothe provisions of this chapter.
§ 44-11-1 Definitions. – For the purpose of this chapter:
(1) "Captive REIT" means a corporation, trust or association:
(i) That is considered a real estate investment trust for thetaxable year under section 856 of the Internal Revenue Code;
(ii) That is not regularly traded on an establishedsecurities market; and
(iii) More than fifty percent (50%) of the voting power orvalue of the beneficial interests or shares of which at any time during thelast half of the taxable year, is owned or controlled, directly or indirectly,by a single entity that is subject to the provisions of Subchapter C of Chapter1 of the Internal Revenue Code; and
(b) "Captive REIT" does not include:
(i) A corporation, trust or association more than fiftypercent (50%) of the voting power or value of the beneficial interests orshares of which, at any time during which the corporation, trust or associationsatisfies item (1)(iii) of this subsection, is owned or controlled, directly orindirectly, by:
(A) A real estate investment trust other than a real estateinvestment trust described in item (i) of this subsection; or
(B) A person exempt from taxation under § 501(a) of theInternal Revenue Code; or
(C) A listed Australian Property Trust; and
(ii) Subject to regulations that the tax administratoradopts, a real estate investment trust that is intended to become regularlytraded on an established securities market and that satisfies the requirementsof § 865(A)(5) and (6) of the Internal Revenue Code by reason of §856(h)(2) of the Internal Revenue Code; and
(c) For purposes of this section, the constructive ownershiprules prescribed under § 318(a) of the Internal Revenue Code, as modifiedby § 856(d)(5) of the Internal Revenue Code, shall apply in determiningthe ownership of stock, assets or net profits of any person.
(2) "Corporation" means every corporation, joint-stockcompany, or association, wherever incorporated, a real estate investment trust,a regulated investment company, a personal holding company registered under theFederal Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., andalso a trustee or trustees conducting a business where interest or ownership isevidenced by certificates or other written instruments, deriving any incomefrom sources within this state or engaging in any activities or transactionswithin this state for the purpose of profit or gain, whether or not an officeor place of business is maintained in this state, or whether or not the income,activities, or transactions are connected with intrastate, interstate, orforeign commerce, except:
(i) State banks, mutual savings banks, federal savings banks,trust companies, national banking associations, building and loan associations,credit unions, and loan and investment companies;
(ii) Public service corporations included in chapter 13 ofthis title, except as otherwise provided in § 44-13-2.2;
(iii) Insurance and surety companies;
(iv) Corporations specified in § 7-6-4, incorporatedhospitals, schools, colleges, and other institutions of learning not organizedfor business purposes and not doing business for profit and no part of the netearnings of which inures to the benefit of any private stockholder orindividual, whether incorporated under any general law of this state or by anyspecial act of the general assembly of this state;
(v) Fraternal beneficiary societies as set forth in §27-25-1;
(vi) Any corporation expressly exempt from taxation bycharter;
(vii) Corporations which together with all corporations underdirect or indirect common ownership that satisfies the other requirements ofthis paragraph employ not less than five (5) full-time equivalent employees inthe state; which maintain an office in the state; and activities within thestate which are confined to the maintenance and management of their intangibleinvestments or of the intangible investments of corporations or business trustsregistered as investment companies under the Investment Company Act of 1940, 15U.S.C. § 80a-1 et seq., and the collection and distribution of the incomefrom those investments or from tangible property physically located outside thestate. For purposes of this paragraph, "intangible investments" includes,without limitation, investments in stocks, bonds, notes, and other debtobligations, including debt obligations of affiliated corporations, patents,patent applications, trademarks, trade names, copyrights, and similar types ofintangible assets.
(3) "Fiscal year" means an accounting period of twelve (12)months ending on the last day of any month other than December.
(4) "Place of business" means a regular place of business,which, in turn, means any bona fide office, other than a statutory office,factory, warehouse, or other space which is regularly used by the taxpayer incarrying on its business. Where, as a regular course of business, property ofthe taxpayer is stored by it in a public warehouse until it is shipped tocustomers, the warehouse is considered a regular place of business of thetaxpayer and, where as a regular course of business, raw material or partiallyfurnished goods of a taxpayer are delivered to an independent contractor to beconverted, processed, finished, or improved and the finished goods remain inthe possession of the independent contractor until shipped to customers, theplant of the independent contractor is considered a regular place of businessof the taxpayer. The mere consignment of goods by the taxpayer to anindependent factor outside this state for sale at the consignee's discretiondoes not constitute the taxpayer as having a regular place of business outsidethis state.
(5) "Taxable year" means the calendar year or the fiscal yearending during the calendar year upon the basis of which the net income iscomputed under this chapter. "Taxable year" means, in the case of a return madefor a fractional part of a year under the provisions of this chapter or underregulations prescribed by the tax administrator, the period for which thereturn is made.
(6) "Taxpayer" means and includes any corporation subject tothe provisions of this chapter.
