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Curly fries and conjunctive tests: Business income, explained
In this episode of the SALT Shaker Podcast, Partners Jeremy Gove and Chelsea Marmor break down the business versus non-business income divide. They also explore how the Multistate Tax Commission's recommended shift in terminology – from business/non-business income to apportionable/non-apportionable income – refocuses the analysis on whether income is constitutionally apportionable. Chelsea and Jeremy then walk through the two key tests used in determining business income: the transactional test and the functional test, and how these tests often overlap. Their discussion centers on the…
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