(1) Dividends received from corporations incorporated outside the United States, to
the extent taxable, are considered income subject to apportionment.
(2) The after-tax net income of United States corporations excluded from eligibility
as affiliated corporations under 15-31-322(1) and possession corporations described in sections 931 through 934 and 936 of the Internal Revenue Code are considered dividends received from corporations incorporated outside the United
(4) Eighty percent of all dividends apportionable under this section must be excluded
from income subject to apportionment.
(5) “Deemed” distributions, as set forth in section 78 of the Internal Revenue Code, and corresponding amounts with respect to dividends considered received under subsection
(2) of this section must be excluded from the income of the water's-edge combined
(6) The dividends apportionable under this section are in lieu of any expenses attributable
to dividend income.
(7) A dividend from a corporation required to be combined in the water's-edge combined
group must be eliminated from the calculation of apportionable income.
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