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Rule: 42.15.526 Prev     Up     Next    
Rule Title: SMALL BUSINESS LIABILITY FUNDS
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Department: REVENUE
Chapter: INCOME TAX
Subchapter: Deductions
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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42.15.526    SMALL BUSINESS LIABILITY FUNDS

(1) Tax deductible administrative costs as provided by 15-30-2141 and 15-31-117, MCA, are limited to those that are allowable under the Internal Revenue Code and are ordinary and necessary costs directly connected with or pertaining to the management or maintenance of the principal of the fund.

(2) Administrative costs are tax deductible by:

(a) a cash basis taxpayer in the year they are paid; or

(b) an accrual basis taxpayer in the tax year in which the accrual is made.

(3) Contributions to and administrative costs of an independent liability fund shall be reductions of income in arriving at Montana adjusted gross income.

(4) Upon termination of the independent liability fund the trustee shall file with the department a copy of the federal Form 1099. The returns must provide the amount of any distribution, to whom the distribution was made, and the calendar year of the distribution for any distribution made from the principal or income of the fund.

 

History: 15-30-2620, 15-31-501, MCA; IMP, 15-30-2118, 15-30-2141, 15-31-117, 15-31-118, MCA; NEW, 1987 MAR p. 2390, Eff. 12/25/87; AMD, 2000 MAR p. 3557, Eff. 12/22/00; AMD and TRANS, from ARM 42.2.401, 2008 MAR p. 340, Eff. 2/15/08; AMD, 2010 MAR p. 1088, Eff. 4/30/10; AMD, 2016 MAR p. 2072, Eff. 11/11/16.


 

 
MAR Notices Effective From Effective To History Notes
42-2-962 11/11/2016 Current History: 15-30-2620, 15-31-501, MCA; IMP, 15-30-2118, 15-30-2141, 15-31-117, 15-31-118, MCA; NEW, 1987 MAR p. 2390, Eff. 12/25/87; AMD, 2000 MAR p. 3557, Eff. 12/22/00; AMD and TRANS, from ARM 42.2.401, 2008 MAR p. 340, Eff. 2/15/08; AMD, 2010 MAR p. 1088, Eff. 4/30/10; AMD, 2016 MAR p. 2072, Eff. 11/11/16.
42-2-820 4/30/2010 11/11/2016 History: 15-30-2620, 15-31-501, MCA; IMP, 15-30-2118, 15-30-2141, 15-31-117, 15-31-118, MCA; NEW, 1987 MAR p. 2390, Eff. 12/25/87; AMD, 2000 MAR p. 3557, Eff. 12/22/00; AMD and TRANS, from ARM 42.2.401, 2008 MAR p. 340, Eff. 2/15/08; AMD, 2010 MAR p. 1088, Eff. 4/30/10.
42-2-792 2/15/2008 4/30/2010 History: 15-30-305, 15-31-501, MCA; IMP, 15-30-107, 15-30-127, 15-31-117, 15-31-118, MCA; NEW, 1987 MAR p. 2390, Eff. 12/25/87; AMD, 2000 MAR p. 3557, Eff. 12/22/00; AMD and TRANS, to ARM 42.15.526, 2008 MAR p. 340, Eff. 2/15/08.
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