316 NAC 24-052. FOREIGN DIVIDEND DEDUCTION

REG-24-052 FOREIGN DIVIDEND DEDUCTION 052.01 Corporate taxpayers shall deduct from federal taxable income dividends received or deemed to be received from corporations which are not subject to the Internal Revenue Code. 052.02 Subject to the Internal Revenue Code means those corporations that meet the requirements of Internal Revenue Code section 243 in order for their distributions to qualify for the dividends received deduction. (Section 77-2716(7), R.S.Supp., 1998, and section 77-2734.04(10), R.R.S. 1996. November 11, 1998.)