US Laws, Codes, Statutes & Cases

     290.04 Liability for tax.  

    Subdivision 1.    Accrual.  The liability for the tax 
 imposed by section 290.02 shall arise upon the first day of the 
 taxable year upon which a domestic corporation exercises any of 
 the privileges specified in section 290.02 or exists as a 
 corporation, or on which a foreign corporation is possessed of 
 the privilege for the grant to it of the privilege of 
 transacting or for the actual transaction by it of any local 
 business within this state during any part of its taxable year, 
 in corporate or organized form.  The liability for the tax 
 imposed by section 290.03 shall arise concurrently with the 
 receipt or accrual of income during the taxable year.  The 
 provisions shall in no way affect the determination of the 
 amount of such taxes, the time for making returns, and the time 
 for paying such taxes.  

    Subd. 2.    Fiduciary relationship not to affect.  The 
 liability of any taxpayer shall remain unaffected by the fact 
 that such taxpayer, or the title, possession, custody, or 
 control of the taxpayer's business or property, is in the care 
 of a guardian, trustee, receiver, conservator, or any other 
 person acting in any fiduciary capacity for such taxpayer or in 
 reference to the taxpayer's business or property, unless the 
 taxes imposed by this chapter are specifically imposed by this 
 chapter upon any such guardian, trustee, receiver, conservator, 
 or fiduciary. 

    HIST: (2394-4) 1933 c 405 s 4; Ex1937 c 49 s 4; 1986 c 444 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.