Q&A with the Pennsylvania Department of Revenue

As a follow-up to Corporation Tax Information Notice 2016-1, does the Department of Revenue plan to provide additional guidance related to part III?

Dec 13, 2016
Q:

As a follow-up to Corporation Tax Information Notice 2016-1, does the Department of Revenue plan to provide additional guidance related to part III? Add-Back Exceptions?  Specifically, under Act 52-2013, would a taxpayer potentially be able to overcome the presumed principal business purpose of avoidance of CNIT by providing substantiation for the value of the intangible asset protection against pending or potential future suits brought against those intangible assets?

A:

The Department is contemplating its next action with regard to the add back. Additional guidance may be provided after the Department has time to identify and evaluate issues that arise in administering filed reports and compliance with the add-back provision.

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These documents provide a summary of the answers provided by the Department of Revenue to the PICPA Committee on State Taxation at its annual question and answer session. 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 their specific fact situation may request a written letter ruling under 61 Pa. Code Section 3.3.