Ohio Admin. Code 5703-3-32 - Dealer in intangibles tax definition of "primarily"
(1) In accordance with division
(A)(1) of section 5733.09 of the Revised Code, a corporation is exempt from the
corporation franchise tax for a tax year if it is a dealer in intangibles for
that tax year. The commissioner will waive any penalty for late filing or
payment of the corporation franchise tax for a tax year if the corporation
files all delinquent corporation franchise tax reports, including estimated
reports, and pays all delinquent corporation franchise taxes, including
estimated taxes, together with any applicable interest thereon, not later than
sixty days after it learns or should have learned that it did not qualify as a
dealer in intangibles for the tax year.
(2) In accordance with division
(E)(4) of section 5751.01 of the Revised Code, a person is exempt from the
commercial activity tax levied under Chapter 5751. of the Revised Code for a
tax period if it is a dealer in intangibles based on one or more measurement
periods that include that entire tax period. The commissioner will waive any
penalty for late filing or payment of the commercial activity tax for a tax
period if the person files all delinquent commercial activity tax returns, and
pays all delinquent commercial activity taxes, including estimated taxes,
together with any applicable interest thereon, not later than sixty days after
it learns or should have learned that it did not qualify as a dealer in
intangibles based on one or more measurement periods included in whole or part
in the tax period.
(3) The commissioner will waive any
penalty for late filing or payment of the dealer in intangibles tax for a tax
period if a person having in error filed a corporation franchise tax report or
commercial activity tax return files all delinquent dealer in intangibles tax
returns and pays all delinquent dealer in intangibles taxes, together with any
applicable interest thereon, not later than sixty days after it learns or
should have learned that it qualified as a dealer in intangibles for the tax
year.
(F) This rule is not intended to
address whether a person meeting the definition of "dealer in intangibles" may
be a "dual capacity" enterprise in accordance with Gen. American Transp. Corp.
v. Limbach (1984), 15 Ohio St.3d 302.
Notes
Promulgated Under: 119
Statutory Authority: 5703.05
Rule Amplifies: 5725.01(B)(1)
Prior Effective Dates: 12/30/1984, 12/28/2005 (Emer.), 04/06/2006, 08/01/2006 (Temp.)
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(1) In accordance with division (A)(1) of section 5733.09 of the Revised Code, a corporation is exempt from the corporation franchise tax for a tax year if it is a dealer in intangibles for that tax year. The commissioner will waive any penalty for late filing or payment of the corporation franchise tax for a tax year if the corporation files all delinquent corporation franchise tax reports, including estimated reports, and pays all delinquent corporation franchise taxes, including estimated taxes, together with any applicable interest thereon, not later than sixty days after it learns or should have learned that it did not qualify as a dealer in intangibles for the tax year.
(2) In accordance with division (E)(4) of section 5751.01 of the Revised Code, a person is exempt from the commercial activity tax levied under Chapter 5751. of the Revised Code for a tax period if it is a dealer in intangibles based on one or more measurement periods that include that entire tax period. The commissioner will waive any penalty for late filing or payment of the commercial activity tax for a tax period if the person files all delinquent commercial activity tax returns, and pays all delinquent commercial activity taxes, including estimated taxes, together with any applicable interest thereon, not later than sixty days after it learns or should have learned that it did not qualify as a dealer in intangibles based on one or more measurement periods included in whole or part in the tax period.
(3) The commissioner will waive any penalty for late filing or payment of the dealer in intangibles tax for a tax period if a person having in error filed a corporation franchise tax report or commercial activity tax return files all delinquent dealer in intangibles tax returns and pays all delinquent dealer in intangibles taxes, together with any applicable interest thereon, not later than sixty days after it learns or should have learned that it qualified as a dealer in intangibles for the tax year.
(F) This rule is not intended to address whether a person meeting the definition of "dealer in intangibles" may be a "dual capacity" enterprise in accordance with Gen. American Transp. Corp. v. Limbach (1984), 15 Ohio St.3d 302.
Notes
Promulgated Under: 119
Statutory Authority: 5703.05
Rule Amplifies: 5725.01(B)(1)
Prior Effective Dates: 12/30/1984, 12/28/2005 (Emer.), 04/06/2006, 08/01/2006 (Temp.)