The New Jersey Tax Court held that distributions made to a corporation’s two shareholders constituted dividends, and rejected the corporation’s argument that the distributions should be treated as compensation for managerial services that could be deducted... Read More
The Montana Supreme Court held that the Department erred in determining that Exxon Mobil was entitled to only an 80% exclusion for dividends received from domestic corporations excluded from the water’s-edge combined return, and concluded that 100% of... Read More
by Mary Howley * Although gifts are generally excluded from income, gifts from employers to employees are generally included in income. Achievement awards given to employees from employers may be excluded from income in certain cases. Holiday gifts... Read More