Busch then appealed the commissioner’s decision to the Minnesota Tax Court. Following a hearing, the tax court concluded that Busch had not overcome the presumptive validity of the commissioner’s determination and affirmed the commissioner’s audit assessment. Busch v. Comm’r of Revenue, No. 7590-R (Minn. T.C. March 2, 2005) (slip op. at 9).
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Income from tax-exempt funds may be subject to state & local taxes, and a portion of income may be subject to federal income tax including the alternative minimum tax . Capital gains distributions, if any, will be subject to tax. Yes, I live in California and California has an alternative minimum tax. You can visit to learn more about California AMT rates.
For further guidance on Minnesota’s corporate income tax – including current brackets for the state’s minimum fee – check the Minnesota Department of Revenue. For information on business-related taxes vertuo tea pods in other states, check Nolo’s 50-State Guide to Business Income Tax. And, if you’re looking for detailed guidance on federal income tax issues, check Tax Savvy for Small Business, by Federick Daily .
Fund holdings, sector allocations (as % of market value) and portfolio characteristics may change at any time and are not investment recommendations. The Bloomberg 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market. All features, services, support, prices, offers, terms and conditions are subject to change without notice. Let an expert do your taxes for you, start to finish with TurboTax Live Full Service.