We provide here a written summary of answers provided by the Department of Revenue to the committee at periodic question and answer sessions. These documents are classified as Revenue information issued for informational purposes only for the convenience of PICPA members. Pursuant to 61 Pa. Code Section 3.4, these documents should not be relied upon for any purpose or used in tax appeals. Taxpayers requiring a binding opinion on a specific fact situation may request a written letter ruling under 61 Pa. Code Section 3.3.
Q&A with the Pennsylvania Department of Revenue
In computing the receipts factor, do receipts only include receipts of the taxable entity?
This would be the receipts of the taxable entity. To support the receipts reported on the Bank Shares Tax Report entities subject to the Bank Shares Tax are required to provide a copy of the federal income tax return as filed with the IRS, or would have been filed with the IRS, on a separate company basis. This return must include the activity of any disregarded entities.