316 NAC 25-006. CORPORATION AS PARTNER IN A PARTNERSHIP OR JOINT VENTURE

REG-25-006 CORPORATION AS PARTNER IN A PARTNERSHIP OR JOINT VENTURE 006.01 When a partnership has sufficient contacts with a corporate partner such that it would be considered unitary if it was a corporation, then the corporate partner shall use Reg-24-056 to determine the income from the partnership attributable to Nebraska. 006.02 If the partnership is not unitary with the corporation and is operating entirely within Nebraska, then the partnership income of the corporation will be allocated entirely to Nebraska and will be added to any other income of the corporation attributable to Nebraska. 006.03 If the partnership is not unitary with the corporation and is operating within and without Nebraska, then the partnership will use the apportionment formula as referenced in Reg-24-023 and Reg-24-056 to determine the income of the partnership attributable to Nebraska. The corporation's share of the partnership's Nebraska income will then be added to any other income of the corporation attributable to Nebraska in order to determine the corporation's Nebraska taxable income. 006.04 If the partnership is not unitary with the corporation and is operating totally outside Nebraska, then the partnership income will be neither allocated nor apportioned to Nebraska. (Sections 77-2727(2), R.R.S. 1996. November 11, 1998.)