Department of Revenue Automatically Extending 2019 Filing Deadline
The Georgia Department of Revenue is automatically extending the 2019 income tax filing and payment deadline to July 15, 2020. Vehicle registrations that expire between March 16, 2020 and May 14, 2020 are being extended through May 15, 2020.
Apportionment and Allocation - FAQ
What code section and regulation provide guidance in this area?
Georgia Code Section 48-7-31 and regulation 560-7-7-.03 provide guidance in this area.
Does Georgia recognize Internal Revenue Code Section 338(h)(10) elections by c-corporations and/or s-corporations for state income tax purposes? How would the state treat the gain/loss arising from a section 338(h)(10) election?
Georgia does recognize the IRC 338(h)(10) election. In this case, the gain on the sale of the stock would not be recognized. Instead there would be a deemed sale of the assets, which would be reported on the target corporation's return. The income would be apportioned and allocated in the normal manner.