CCH Business Incentives Guide (CCH) KS Sec. 79-3271

Summary

• Apportionment of net income; definitions
  Income Tax,

  As used in this act, unless the context otherwise requires:

  79-3271(a) For tax years commencing prior to January 1, 2008,  "business income"  means income arising from transactions and activity in the regular course of the taxpayer's trade or business and includes income from tangible and intangible property if the acquisition, management, and disposition of the property constitute integral parts of the taxpayer's regular trade or business operations, except that a taxpayer may elect that all income constitutes business income. For tax years commencing after December 31, 2007,  "business income"  means: (1) Income arising from transactions and activity in the regular course of the taxpayer's trade or business; (2) income arising from transactions and activity involving tangible and intangible property or assets used in the operation of the taxpayer's trade or business; or (3) income of the taxpayer that may be apportioned to this ...