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7-06) 2006 MICHIGAN SBT Statutory Exemption Business Income Averaging 2006 C-8000G For Persons Other

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The document is a form issued by the Michigan Department of Treasury for individuals and entities other than corporations to calculate their statutory exemption through business income averaging for the year 2006. It outlines the requirements for qualifying years, instructions for reporting business income from the previous four taxable years, and details on how to compute average business income. The form emphasizes that averaging is solely for determining the statutory exemption and not for current year income reporting.

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How much is the allowable deduction from business income?

Corporate taxpayers can avail themselves of the optional standard deduction computed at 40% of gross income. The optional standard deduction is in lieu of the itemised operating expenses.

How do I calculate my qualified business income deduction?

20% of the net Qualified Business Income (or Loss) from all sources plus 20% of any qualified REIT dividends and Publicly Traded Partnerships (PTP) income (or loss) recognized on the tax return, or. 20% of the taxpayers taxable income minus the net capital gains and qualified dividends recognized on the return.

Why did Congress enact the 20% qualified business income deduction?

Why did Congress enact the 20% qualified business income deduction? a tax rate somewhat comparable to the 21% corporate tax rate. Thus, Congress did not want to give a tax break to C corporations while not giving a tax break to businesses operating in a pass-through form.

What is the unrelated business income tax in Michigan?

UNRELATED BUSINESS INCOME TAX (UBIT) The department that engages in the activity generating the unrelated business income will bear the tax liability. The UBIT tax rate is based on the corporate tax rate, so net taxable income for unrelated activities is taxed at a flat tax rate of 21%.