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#3
04-28-2006, 05:07 AM
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 Re: when are dividends "source income"? Gil Faver wrote: - quote - > A taxpayer lives in Illinois. She owns shares in a
Income from intangible property (such as a stock dividend)> California corporation. Are dividends paid by the > California corporations California source income? What if > it is a Subchapter S corporation? What if the corporation's > income is primarily rental income? > Why are the dividends of Hewlett Packard Company not > California source income? (or are they?) has its source at the residence of the owner, unless the intangible has acquired a business situs somewhere else. For example, if your Illinois resident taxpayer's HP shares were held in California as security for a loan to a California business, the stock would have a California business situs and the dividends would be CA source income. If she is just holding HP shares, the source of the income is her residence, which is IL. See 18 Cal. Code of Regs. Sec. 17952. Katie in San Diego << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
04-28-2006, 05:07 AM
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| Re: when are dividends "source income"? Gil Faver wrote: - quote - > A taxpayer lives in Illinois. She owns shares in a
Income from intangible property (such as stock dividends)> California corporation. Are dividends paid by the > California corporations California source income? What if > it is a Subchapter S corporation? What if the corporation's > income is primarily rental income? > Why are the dividends of Hewlett Packard Company not > California source income? (or are they?) has its source at the residence of the owner, unless the intangible has acquired a business situs somewhere else. For example, if your Illinois resident's HP stock was held in California by a lender as security for a loan to a California business, then the stock would have a CA business situs and the dividend would be CA source income. As long as she is just holding the stock, the source of the income is her residence, which is Illinois. See 18 Cal. Code of Regs. Sec. 17952. Katie in San Diego << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
04-05-2006, 07:53 AM
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| Re: when are dividends "source income"? "Gil Faver" <Rowdy'sboss[at]ND.com> wrote: - quote - > A taxpayer lives in Illinois. She owns shares in a
No.> California corporation. Are dividends paid by the > California corporations California source income? - quote - > What if
Rental real estate income will generate income sourced to> it is a Subchapter S corporation? What if the corporation's > income is primarily rental income? whatever state the real estate is located in. - quote - > Why are the dividends of Hewlett Packard Company not
HP does business in every state, the mult-state filing> California source income? (or are they?) issues belong to HP, not the individual shareholders. Their shareholders will be taxable on the dividends in their home state. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-31-2006, 10:52 AM
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| Re: when are dividends "source income"? "Gil Faver" <Rowdy'sboss[at]ND.com> wrote: - quote - > A taxpayer lives in Illinois. She owns shares in a
For one thing, HP is a Delaware corporation, even though> California corporation. Are dividends paid by the > California corporations California source income? What if > it is a Subchapter S corporation? What if the corporation's > income is primarily rental income? > Why are the dividends of Hewlett Packard Company not > California source income? (or are they?) their main business office is in California. Stu << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-30-2006, 08:59 AM
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| when are dividends "source income"? A taxpayer lives in Illinois. She owns shares in a California corporation. Are dividends paid by the California corporations California source income? What if it is a Subchapter S corporation? What if the corporation's income is primarily rental income? Why are the dividends of Hewlett Packard Company not California source income? (or are they?) << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| dividends, source income |
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