INCOME TAX ACT OF 1967
Act 281 of 1967
206.271 Recomputation of taxable income by excluding proportional gain or loss on disposition of property.
Sec. 271.
(1) A taxpayer subject to the tax levied by section 51 and whose income received after September 30, 1967 is increased or diminished by the disposition of property acquired before October 1, 1967, which is described in and subject to subchapter P of the internal revenue code, may elect to recompute taxable income by excluding therefrom the proportional gain or loss incurred before October 1, 1967. Taxpayers so electing shall be subject to a tax on taxable income thus recomputed at the rates imposed by this part. An election so made shall include all items of gains or losses realized during the taxable year.
(2) The proportion of gain or loss occurring after September 30, 1967, to total gain or loss is equal to the proportion the number of months after September 30, 1967, to date of disposition bears to the number of months from date of acquisition to date of disposition.
History: 1967, Act 281, Eff. Oct. 1, 1967 ;-- Am. 1969, Act 332, Imd. Eff. Nov. 4, 1969 ;-- Am. 1975, Act 233, Imd. Eff. Aug. 27, 1975 ;-- Am. 2011, Act 38, Eff. Jan. 1, 2012
Notes of Decisions
Consumers Power Co. v. Dep't of Treasury, 597 N.W.2d 274 (Mich. Ct. App. 1999).
“Section 28 of the Income Tax Act provides that “[t]axable income” or “net income” means, unless specifically defined otherwise in this act, taxable income as defined in the internal revenue code for the subject taxpayer for federal income *386 tax purposes, subject to any…”
Cook v. Dep't of Treasury, 240 N.W.2d 247 (Mich. 1976).
“From this amount, pursuant to MCLA 206.271; MSA 7.557(1271), plaintiff (Lucille Cook filed the subject joint return with Wendell and is included in the term "plaintiff”) attempted to exclude $158,680 as "assets acquired” prior to the effective date of the Michigan income tax.”
Michigan Consol. Gas Co. v. Dep't of Treasury, 250 N.W.2d 85 (Mich. Ct. App. 1976).
· cites it 2× “In computing its tax return for 1968, Michigan Consolidated, relying on 1967 PA 281 , § 271 (MCLA 206.271; MSA 7.557[1271]), excluded from otherwise taxable income that part of the gain on the sale of the gas and appliances which was attributable to the period of time the gas…”
Cook v. Dep't of Treasury, 218 N.W.2d 861 (Mich. Ct. App. 1974).
· cites it 2× “But they also sought to deduct $158,680 from the total received, before any Michigan taxes were computed regarding it, in the belief that that amount could be deducted pursuant to MCLA 206.271; MSA 7.557(1271) as the statute was then expressed.”
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