Illinois Compiled Statutes
35 ILCS 5/404 (2026)
Reallocation of Items
✓ current as of May 2026
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(35 ILCS 5/404)
(from Ch. 120, par. 4-404)
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.)
Notes of Decisions
Cited in 1
case (1 in the last 5 years), 2026–2026 · leading case: PepsiCo, Inc. v. Dep't of Revenue, 2026 IL App (4th) 250121.
PepsiCo, Inc. v. Dep't of Revenue, 2026 IL App (4th) 250121. “¶ 96 Plaintiffs contend that the Department should have remediated PGM’s failure to pay and receive markups on transactions with related entities by reallocating income in accordance with section 404 of the Illinois Income Tax Act (35 ILCS 5/404 (West 2016)), rather than seeking…”
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