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Contact Information:
Edward S. Kisscorni, CPA
290 Suncrest Court, SW
Grandville, MI 49418

Office: 616/233-0667
Cell: 616/443-6730
Fax: 616/233-0667




Tuesday, January 17 2012

Personal Investment Activities Not in the Regular Course of the Taxpayer's Trade or Business Are Not Subject to the Single Business Tax

Public Act 304 of 2011 (S.B. 368), effective December 27, 2011, but applicable retroactively is applicable to the Single Business Tax (SBT) which was repealed effective for tax periods prior to January 1, 2008.  For purposes of the former Single Business Tax, the Michigan Department of Treasury shall not assess tax or decrease an overpayment and shall approve a claim for a refund (subject to the statute of limitations) for:

(1) an individual, estate, or person organized for estate or gift planning purposes for amounts received, income, or gain other than those from transactions, activities, and sources in the regular course of the person's trade or business and

(2) for receipts, income, or gain from transactions, activities, and sources in the regular course of the person's trade or business by a person organized exclusively to conduct investment activities for any person other than an individual or a person related to that individual or by common trust fund established under the Collective Investment Funds Act.

Posted by: Ed Kisscorni AT 01:00 pm   |  Permalink   |  1 Comment  |  Email
The Revenue Act provides that no tax can be assessed after four years from the later of the due date of the return or the extended ude date. The same applies for refund claims. Therefore, a refund claim can be made within fours of the actual file date of the return if that date is after the statutory due date.
Posted by Ed Kisscorni on 01/19/2012 17:31:51

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