Iowa Admin. Code r. 701-403.7
Current through Register Vol. 47, No.14, January 8, 2025
If a taxpayer elects to take advantage of the apportionment provisions for a resident shareholder of an S corporation, then the taxpayer may not take a credit against Iowa income tax for income taxes or taxes measured by income paid to another state or foreign country on the S corporation income. A taxpayer may claim a credit against Iowa income tax for income taxes or taxes measured by income paid to another state or foreign country on income other than S corporation income that may be earned in the tax year.
This rule is intended to implement Iowa Code section 422.8.
Iowa Admin. Code r. 701-403.7
ARC 8605B, IAB 3/10/10, effective 4/14/10; Editorial change: IAC Supplement 11/2/22