Section 15 AAC 20.620 - Exempt income and related expenses(a) Expenses incurred in acquiring, maintaining, and disposing of tax-exempt assets, including interest expense, may not be deducted in computing taxable income.(b) For a taxpayer that is a member of a group of unitary corporations, "expenses" and "tax-exempt assets" in (a) of this section mean the expenses and tax-exempt assets of the taxpayer's combined group.(c) For a taxpayer that is a member of a consolidated group that files a consolidated return, "expenses" and "tax-exempt assets" in (a) of this section mean the expenses and tax-exempt assets of the taxpayer's consolidated group.Eff. 2/17/85, Register 93Authority:AS 43.05.080
AS 43.20.021
AS 43.20.160