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Revenue Notice #17-09: Corporate Franchise Tax – Net Operating Loss Carryforwards – Sinclair Broad. Grp., Inc. v. Comm'r of Revenue, No. 8919-R, 2017 (Minn. Tax Ct. Aug. 11, 2017)

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Introduction

This Revenue Notice advises taxpayers that the Department acquiesces to the Minnesota Tax Court’s decision in Sinclair Broad. Grp., Inc. v. Comm'r of Revenue, No. 8919-R, 2017 WL 3482767 (Minn. Tax Ct. Aug. 11, 2017).

Department Position

The Minnesota section 382 limitation provided for under Minnesota Statutes section 290.095, subdivision 3(d), is calculated in the same manner as the federal section 382 limitation, and is not apportioned for franchise tax purposes.

Revenue Notice # 99-07 is revoked.

Signed by Deputy Commissioner Ryan Church and published in the Minnesota State Register on November 6, 2019.

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