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Official Code of Georgia Annotated

Title 48. REVENUE AND TAXATION · Chapter 13. SPECIFIC, BUSINESS, AND OCCUPATION TAXES · Article 4. CORPORATE NET WORTH TAX

48-13-74. Determination of net worth of corporation; determination by commissioner absent disclosure of true net worth on corporation’s books or return.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. For the purpose of ascertaining the corporate net worth tax imposed by this article, the net worth of the corporation shall be presumed to be the net worth as disclosed on the corporation’s books and as reflected on the return required to be filed annually by the corporation. In the event the commissioner ascertains that the books of any corporation reporting under this article or the return filed for any corporation reporting under this article, as provided in Code Section 48-13-77, does not disclose the true net worth of the corporation, the net worth of the corporation shall have the value fixed by the commissioner from any information obtained by the commissioner from any source.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1929, p. 84, § 1; Ga. L. 1931, Ex. Sess., p. 76, § 1; Code 1933, § 92-2401; Ga. L. 1935, p. 11, § 2; Ga. L. 1951, p. 157, § 5a; Ga. L. 1952, p. 371, § 1; Code 1933, § 92-2401, enacted by Ga. L. 1976, p. 1580, § 1; Code 1933, § 91A-6305, enacted by Ga. L. 1978, p. 309, § 2.

Law reviews

For article discussing recordation of unrealized appreciation and the assessment of corporate franchise tax, see 25 Ga. B. J. 152 (1962).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t48-ch9-18-(v37a)-2024-pdf.pdf, Volume V37A, 2024 edition, page 253; merge action: carried; file SHA-256 7933c78e4182.