Iowa Department of Revenue Policy Letter, No. 11201006 (Apr. 14, 2011)

(Iowa nonresident sold stock in Iowa-based family S-corporation to create ESOP; IDOR views creation of ESOP as resulting in stock attaining independent business situs because stock used as integral part of business activity occurring in Iowa via creation of ESOP; capital gain earned by nonresident considered Iowa source income; no indication given as to where outer limit of such standard is located; current regulations do not require such standard). 

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

RSS​ Facebook Twitter