Illinois Compiled Statutes (Tax)
35 ILCS 5/404
Reallocation of Items
Sec. 404. Reallocation of Items.
# (a)
If it appears to the Director that any agreement, understanding or arrangement exists between any persons which causes any person's base income allocable to this State to be improperly or inaccurately reflected, the Director may adjust such items of income and deduction, and any factor taken into account in allocating income to this State, to such extent as may reasonably be required to determine the base income of such person properly allocable to this State.
# (b)
The Director may not make an adjustment to base income under this Section that has the same effect as retroactively applying any amendments to this Act made by Public Act 93-0840, Public Act 95-0233, or Public Act 95-0707. (Source: P.A. 95-948, eff. 8-29-08.)
Source: view the official text
Nearby sections (25 sections)
- 5/252 · Advancing Innovative Manufacturing for Illinois Tax Credit
- 5/301 · General Rule
- 5/302 · Compensation paid to nonresidents
- 5/303 · (a) In general
- 5/304 · Sec. 304
- 5/305 · Allocation of Partnership Income by partnerships and partners…
- 5/306 · Allocation or apportionment of income by estates and trusts
- 5/307 · Allocation of income by estate or trust beneficiaries other…
- 5/308 · Allocation of Subchapter S Corporation Income by Subchapter S…
- 5/401 · Taxable Year
- 5/402 · Methods of Accounting
- 5/403 · Effect of Determination for Federal Purposes
- 5/404 · Reallocation of Items
- 5/405 · Carryovers in certain acquisitions
- 5/501 · Notice or Regulations Requiring Records, Statements and Special…
- 5/502 · Returns and notices
- 5/502.1 · Use tax
- 5/503 · Signing of returns and notices
- 5/504 · Verification
- 5/505 · Time and Place for Filing Returns
- 5/506 · Federal Returns
- 5/506.5 · Returns based on substitute W-2 forms
- 5/507 · (Repealed)
- 5/507A · (Repealed)
- 5/507AA · (Repealed)