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Form 1125-A Minnesota: What You Should Know

Internal Revenue Code. What Is the BAT Tax Due? Business Activities Tax Business Activities Tax is an extra tax on business-related activities. It can be imposed as either a flat tax or as a percentage of gross income. Taxpayers who are subject to a percentage-based tax cannot recover the value of their excess business activity loss (EBL) through tax refund (if any) unless they are using such tax to pay off any other debt or obligation. If a taxpayer receives payments for excess business activity losses, the payments do not constitute business income under the Internal Revenue Code. Business activity gains from an activity that includes only qualifying activities of a business, regardless of whether such activity also qualifies as a qualified activity, do not qualify as a business activity for purposes of Section 162. Business income includes compensation, dividends, interest, rents, royalties, and profits. Qualifying activities are (1) activities of a trade or business in the ordinary course of business; (2) activities of a trade or business carried on by any person at the same location through a chain of related transactions; and (3) business-related activities that would be deductible if conducted by a taxpayer exclusively for profit or gain. Examples of qualifying activities for purposes of Section 162 include: making purchases or contracts as part of a trade or business (rather than for profit or gain); engaging in a trade or business in order to obtain income from property or services; using real estate for purposes of gaining income from any other properties or other sources; or engaging in a trade or business to acquire an interest in real property. These activities do not include making payments to an employee, partner, proprietor, or stockholder as the result of a bona fide stock, partnership, or S corporation split, distribution, or reorganization.

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