Sec. 3-3.8. Computing business capital and investment capital on a combined report

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Tax Law, § 211(4)
In computing combined business capital and combined investment capital on a combined report, all intercorporate stockholdings, intercorporate bills, intercorporate notes receivable and payable, intercorporate accounts receivable and payable and other intercorporate indebtedness must be eliminated. As to when a combined report will be permitted or required, see Subpart 6-2 of this Title—Combined Reports.

                    
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