59-7-113 - Allocation of income and deductions between several corporations controlled by same interests.
59-7-113. Allocation of income and deductions between several corporationscontrolled by same interests.
If two or more corporations (whether or not organized or doing business in this state, andwhether or not affiliated) are owned or controlled directly or indirectly by the same interests, thecommission is authorized to distribute, apportion, or allocate gross income or deductions betweenor among such corporations, if it determines that such distribution, apportionment, or allocation isnecessary in order to prevent evasion of taxes or clearly to reflect the income of any of suchcorporations.
Repealed and Re-enacted by Chapter 169, 1993 General Session