US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 30
                                  INCOME TAX
    63-3023.  TRANSACTING BUSINESS. (a) Subject only to the limitations of the
constitutions of the United States and of the state of Idaho, and except as
expressly provided in subsection (b) of this section, the term "transacting
business" shall include owning or leasing, whether as lessor or lessee, of any
property, including real and personal property, located in this state, or
engaging in or the transacting of any activity in this state, for the purpose
of or resulting in economic or pecuniary gain or profit.
    (b)  Notwithstanding the provisions of subsection (a) of this section, any
corporation, bank, trust company, mutual savings bank, savings and loan
association, national banking association or other corporation, association or
trust organized and existing under the laws of any state or territory of the
United States other than the state of Idaho or existing under the laws of the
United States including, without restriction of the generality of the
foregoing, employee pension fund organizations, charitable foundations, trust
funds, real estate investment trusts, or other such funds and trusts engaged
in the investment of moneys, and trustees of such organizations, which does
not maintain an office within the state of Idaho for any purpose shall not be
deemed to be transacting business within the state of Idaho during any taxable
year by reason of carrying on in this state any one (1) or more of the
following activities:
    (1)  Creating, acquiring or purchasing of loans, secured or unsecured, or
    any interest therein;
    (2)  Collecting and servicing of loans in any manner whatsoever and the
    making of credit investigations and physical inspections and appraisals of
    real or personal property securing any loans or proposing to secure any
    loans;
    (3)  Soliciting of applications for loans which are sent outside this
    state for approval; and
    (4)  Filing of security interests; maintaining or defending any action or
    suit; holding, selling, assigning, transferring, collecting or enforcing
    any loans, or foreclosing or other disposition thereof, including
    acquiring title to property securing such loans by foreclosure, deed in
    lieu of foreclosure, or otherwise, as a result of default under the terms
    of the mortgage, deed of trust or other security instruments relating
    thereto, or the holding, protecting and maintaining of said property so
    acquired or the disposition thereof.