316 NAC 24-050. INCOME FROM U.S. GOVERNMENT OBLIGATIONS--TAX YEARS BEGINNING PRIOR TO JANUARY 1, 1983

REG-24-050 INCOME FROM U.S. GOVERNMENT OBLIGATIONS--TAX YEARS BEGINNING PRIOR TO JANUARY 1, 1983. 050.01. Corporations may adjust federal taxable income for interest or dividend income from certain U.S. government obligations. 050.01A The adjustment is for income from those obligations of the United States government and its territories and possessions or any authority, commission, or instrumentality of the United States which a state is specifically prohibited from taxing under federal law. 050.01B If the owner of the United States government obligations is a member of an affiliated group of corporations, the adjustment will be made only from the taxable income of the owner of the U.S. government obligations. 050.02 Because of a federal prohibition of discrimination against Unites States government obligations, no offset against the adjustment in section 050.01 is required for interest or other expenses incurred in acquiring or carrying U.S. government obligations. (Section 77-2716, R.R.S. 1943 (Reissue, 1981), Section 77-2734, R.R.S. 1943, Douglas v. Karnes, 216 Neb. 750, N.W.2d 1984. July 21, 1984.)