Wichita Kansas Form 1120-C 2024-2025

Wichita Kansas Form 1120-C: What You Should Know

Net income means taxable income minus the total taxes paid on that amount of taxable income. For corporations that have an owner located in the state of Kansas and that have a net business income outside of Kansas, they are legally referred to as “not Kansas-resident corporations.” These corporations are subject to the Kansas income tax and may withhold and pay income tax to the State of Kansas on the tax liability they owe to the State of Kansas. For purposes of the Kansas tax, a resident or nonresident corporation (such as a partnership, trust, or limited liability company) with no Kansas resident member shall be considered to be a “Kansas resident” corporation for tax purposes if the corporation has a permanent office or has at any time held over 50 percent (50%) or more of its total shares of stock of each class of stock of a foreign corporation (not a domestic corporation) or foreign partnership (not a domestic partnership). In addition, a nonresident corporation with no Kansas resident member shall be considered to be a “Kansan corporation” for tax purposes for the taxable year in which it files tax return, irrespective of whether it is subject to taxes imposed by any state, including Kansas. Individual tax returns filed by corporations who are not Kansas resident and do not have a permanent office or have at any time held over 50 percent (50%) or more of their total shares of stock of each class of stock of a foreign corporation (not a domestic corporation) or foreign partnership (not a domestic partnership) will be considered to be “not Kansas resident” corporations for tax purposes. For the taxable year in which an individual filed his or her return, the individual corporation shall be considered to be a Kansas resident for the purpose of paying Kansas taxes on Kansas net taxable income on which Kansas taxes were paid by the individual. For purposes of this section, “Kansas resident” means a taxpayer who has a permanent Kansas residence and at any time during the past five (5) years is a resident of, or is a bona fide resident of Kansas.

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